Long term: towards 2400 or lower

On a yearly basis, see the dynamic for – 8 and next…MY failed as a support. 2400 is our first target. Our stochastic is overbought. 2400 should fail as a support. Below 2 000, LY (648) will be our next objective.

On a quarterly basis, a nice dynamic is in progress with each Bollinger band. Last close was below LQ. With our 7 / 23 quarters moving averages a bearish A type crossover is in progress (with theses facts, 2007 slide is not similar to the 2000 – 2003 one) The 23 moving average trend should continue, at least, until Q3 2013. Our MACD could be overbought for two periods or more. LY (648) is our main target.

On a monthly basis; a bearish parallel pattern is in progress for 4 to 15(?) periods.

Idea: very bearish as long as monthly bearish parallel pattern is in progress.

R = UW (3398), PM (3458);   S = 2400, 2000, LY (648)

Medium term: always bearish as long as PW = resistance

On a weekly basis; as long as PW (3041) prove to be a resistance, our bearish parallel pattern is in progress. Above this target, UW (3399) is our next objective. With the monthly trend; a rise above UW will be only a technical recovery.  Otherwise, if PW acts as a resistance this week and next weeks; a bearish non-crossover could develop. With this hypothesis, a new bear trend will be in progress. LM (2279) will be our first target.

Idea: as long as our 23 weeks moving average is down, a rise is only a technical recovery.

R = PW (3041), UW (3399);     S = LW (2578)

Short term: recovery in progress

On a daily basis, Bollinger bands spread was not minimal on 23 March when a close occurred above UD. Furthermore, the weekly trend is not bullish. As long as our MACD is not overbought, the recovery in progress will continue

Idea: no specific trend for some days with the Bollinger bands spread.

R = PW (3041), UW (3399);     S= MD (2762), LD (2538)

Conclusion: bearish on a monthly (and higher) time frame.