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 (24.9)

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 (24.9) could be a target as long as MQ (69.06) 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, a bearish A type crossover will develop. 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 =MW (50.42);       S = LW (44.89), 41.37, Historical Low

Short term (June 09 contract): not a bearish T1 (ATDMF 2008 rules)

On a daily basis, the spread UD / LD is minimal. A bearish non-crossover is in progress with our 7 / 23 days moving averages. A bearish non-crossover is the status for our stochastic and MACD. UD is flat. A bearish pre-parallel pattern could develop.

Idea: short with a weekly bearish T1.

R = MD (52.94);   S = LW (44.89), 41.37, Historical Low

Conclusion: a very powerful slide could develop within 2 weeks.