Yearly trend: not yet bearish

On a yearly basis, MY acted as a support but T1 price failed as a support. Our stochastic is overbought and our 7 / 23 years moving averages are bullish. As long as MY (34) acts as a support, a new rise could develop.

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

Long term: towards LQ (22.25) 

On a quarterly basis, the spread UQ / LQ is maximal. With our 7 / 23 quarters moving averages, a bearish B type crossover will develop. The status for our stochastic is a bearish divergence. LQ (22.25) could be a target as long as MQ (68) 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: LQ (22.25) could be a target.

Medium term (March 09 contract): bearish parallel pattern

On a weekly basis, a bearish parallel pattern is in progress. PW failed as a resistance with a bearish 7 weeks moving average: holds 100 % of your short position.

Idea: use bearish parallel rules.

R = MD (44.9);   S = PW (38.4), LD (37.85)

Short term (March 09 contract): UD / LD spread is minimal

On a daily basis, the spread UD / LD is minimal. LD (35.74) could fail as a support. With our weekly MACD, a new low could not lead to a new bearish ATDMF pattern. 

Idea: bearish as long as MD (44.88) = resistance.

R = MD (44.88);   S = LD (37.85),  –

Conclusion: below MY (34.12) is not ruled out.