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: technical recovery?

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 (25.51) could be a target as long as MQ (69.3) 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.

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

Medium term (June 09 contract): no bullish pattern could develop

On a weekly basis, UW / LW spread is minimal. UW trend is up but LW is flat. With our 7 / 23 weeks moving averages, a bullish B type crossover is in progress. A bullish non-crossover is the status for our stochastic.

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

R = 58.8, MQ (69.3);       S = MW (51.11)

Short term (June 09 contract): bullish parallel pattern?

On a daily basis, Bollinger bands spread is expending. A bullish A type crossover is the status for our 7 / 23 days moving averages. A bullish non-crossover is the status for our stochastic. A bullish parallel pattern could be in hand with a bullish crossover PD / MD + a bear trend for LD after this crossover. Otherwise, MD (52.3) will be our main objective.

Idea: towards MD, if UD (54.94) proves to be a resistance.

R = 58.8, MQ (69.3);          S = MD (52.3)

Conclusion: on a short term basis, a bull trend could develop.