Yearly trend: not bearish  

On a yearly basis; LY is flat. MY acted as a support but T1 and PY price failed as supports. The status for our MACD is a bullish non-crossover. Our 7 / 23 years moving averages are always on a bull trend.

Idea: UY is a first resistance

 

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. With a previous close above MQ, the recovery in progress could continue.

On a monthly basis, the spread UM / LM is maximal. With our 7 / 23 months moving averages, a bearish non-crossover could develop if MM proves to be a resistance (same for most stocks indexes). Pm failed as a resistance. MM is our main objective.

Idea: as long as MM proves to be a resistance, the rally in progress since January is only a technical recovery.

R= MM (82.21), +++;    S= PW (60.21), LW (51.86)

 

Medium term (nearest future contract): decline below PW

On a weekly basis, UW and LW are up. With our 7 / 23 weeks moving averages, a bullish non-crossover is in progress.

Idea: towards LW if PW fails as a support.

R = UW (78);    S = PW (60.21), LW (61.86)

 

 

Short term (nearest future contract): UD / LD spread id not minimal

On a daily basis, a nice increase for UD / LD spread is in progress. A bearish non-crossover is the status for our stochastic and MACD. With our weekly 7 / 23 moving averages, a bearish A type crossover could develop.

Idea: nothing to do.

R =  UD (74.72);    S = LD (67.63), PW (60.21)

 

 

Conclusion: only a technical recovery on a long term basis.