Remerciements à Mustapha qui a corrigé le bug

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 (22.6)

On a quarterly basis, the spread UQ / LQ is maximal. With our 7 / 23 quarters moving averages, a bearish B type crossover will develop. Stochastic and MACD are overbought. LQ (22.6) could be a target as long as MQ (68.34) 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 (April 09 contract): bearish parallel pattern

On a weekly basis, a bearish parallel pattern is in progress. Above PW (52.6) a recovery towards UW (62.34) could develop.

Idea: use bearish parallel rules.

R = MW (49.17), PW (52.6), UW (62.34);       S = LW (36)

Short term (April 09 contract): rise is not ruled out

On a daily basis, the spread UD / LD is wide. LD is flat. A bullish parallel pattern began last week. Above PW (52.6), a bullish parallel pattern will be in progress.

Idea: above PW (52.6) is not ruled out.

R = PW (52.6), UW (62.34);   S = PD (42.5), LD (36.86)

Conclusion: medium term rise above PW (52.6).