Yearly trend: higher

 

On a yearly basis, the pattern in progress looks like a parallel pattern. The current status for our MACD is a bullish no-crossover. Our 7 / 23 years moving averages are always on a bull trend.

Idea: LY is flat below 75 and down above 80

Bet: 87.15 (2010 high) is a far away strong resistance

 

Long term: neutral

On a quarterly basis, the spread UQ / LQ is maximal. With our 7 / 23 quarters moving averages, a bullish pseudo no-crossover could develop this year. Our MACD and stochastic are without trend.

On a monthly basis, the spread UM / LM is shrinking but is far away from its minimal level. Our moving averages, stochastic and MACD are neutral.

Idea: UM is a strong resistance

Bet: MM will act as a support

R= 87.15, UM (90.99);    S= MM (72.23)

 

Medium term: recovery

On a weekly basis, UW and LW are up. Our 7 / 23 weekly moving averages, stochastic and MACD are oversold. As long as our MACD is not overbought, the recovery in progress will continue.

Idea: UM is a strong resistance

Bet: higher in October

R = UM (90.99);     S = MW (76.04)

 

Short term: bullish

On a daily basis, UD / LD spread is minimal. A bullish no-crossover is in progress with our 7 / 23 days moving averages. As long as our MACD is not overbought, the rise in progress will continue.

Idea: towards UM

Bet: no specific pattern could develop.

R = UM (90.99);          S = MD (76.22)

 

Conclusion: technical recovery in progress on a medium term basis.