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 (22.89)

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 (22.89) could be a target as long as MQ (68.43) 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 (May 09 contract): the recovery is over

On a weekly basis, a bearish parallel pattern is in progress. Above PW (54.8) a recovery towards UW (58.7) could develop. But, last week; a bearish non-crossover between prices and PW occurred. This week a new low for prices is in progress. LW (41.01) is our first target. The UW / LW spread is minimal. With the bearish monthly trend, a bearish T1 and T2 could develop in April.

Idea: with a bearish T2, new low is not ruled out.

R = PW (54.8);       S = LW (41.01)

Short term (May 09 contract): towards LD (42.92) / LW (41.01)?

On a daily basis, a B type crossover could develop with our 7 / 23 days moving averages. Our MACD is overbought.  LD (42.92) / LW is our main target.

Idea: bearish pre-parallel pattern if LD / LW = support.

R = 52.37;   S = LD (42.92), LW (41.01)

Conclusion: lower if PW (54.8 may contract) act as a resistance.