Yearly trend: more declines is not ruled out

On a yearly basis; last period, MY acted as a support but T1 and PY price failed as supports. Our stochastic is overbought and our 7 / 23 years moving averages are not bearish.

Idea: with the stochastic status, 2008 low could fail as a support.

Long term: towards LQ (24.95)

On a quarterly basis, the spread UQ / LQ is maximal but shrinking slowly. With our 7 / 23 quarters moving averages, a bearish B type crossover will develop. Stochastic and MACD are overbought. LQ (24.95) could be a target as long as MQ (69.07) proves to be a resistance.

On a monthly basis, the spread UM / LM is maximal and expending. With our 7 / 23 months moving averages, a bearish A type crossover is in progress. Our stochastic will be oversold in more than two periods.

Idea: a bearish non-crossover could develop with our stochastic.

Medium term (June 09 contract): new bearish T1 is expected

On a weekly basis, UW / LW spread is minimal. With our 7 / 23 weeks moving averages, next pattern will be a bearish A type crossover. If UW trend increase with a close below LW, a bearish T2 could develop.

Idea: With UW / LW spread a nice ATDMF pattern could develop.

R =UW (51.55);       S = PW (42.51), 41.37, Historical Low

Short term (June 09 contract): lower

On a daily basis, as long as MD (51.56) proves to be a resistance, the status for our MACD could be a bearish non-crossover.

Idea: short with a weekly bearish T1.

R = MD (51.56);   S = LD (48), PW (42.51), 41.37, Historical Low

Conclusion: a weekly bearish ATDMF pattern is not ruled out.