Long term: LM as a target is not ruled out

On a quarterly basis, our 7 / 23 quarters moving averages are up. As long as PM proves to be a support, our stochastic and MACD will continue to rise. Otherwise, a bearish divergence will be the status for our stochastic and for our MACD. With this hypothesis, LM will be our main target for next year (a quarterly bearish divergence can’t develop with the 10 Y T-Note MACD).

On a monthly basis, a bullish bubble pattern is over since early 2009. A bearish non-crossover is the status for our stochastic. Below PM, LM is our next target.

Idea: with € / $ trend on a quarterly basis, our quarterly bearish divergence could be expected.

R= UW (123.36);   S= PM (117.23), LQ / LM (110.05)

Medium term: UW / LW spread is minimal

On a weekly basis (continuous contract), our 7 / 23 weeks moving averages are neutral. Our stochastic and MACD are overbought. This time frame is without trend. LW is our first target.

Idea: neutral

R = UW (123.36);   S = LW (119.22)

Short term: no main trend

On a daily basis (Dec. basis); UD / LD spread is far away from its minimal level. Our M23 will continue to rise and stochastic / MACD are overbought (bearish n on-crossover).  LD is our next objective.

Idea: towards a bearish pre-parallel pattern.

R =MD (121.94);   S = LD (120.86)

Conclusion: new bear trend below PM (117.23).