Long term: towards LQ is likely

On a yearly basis, Bollinger band spread is not minimal and could stay at the same level for some periods. Our 7 / 23 years moving averages will be without main trend. With an overbought status for our stochastic (early 2011), 1.164 (2005 low) is the first objective and LY is the next one.

On a quarterly basis, the status for our stochastic and MACD is a bearish no-crossover. Next pattern for our 7 / 23 quarters moving averages will be a bearish A type crossover. With this hypothesis, LQ is our first support.

On a monthly basis, the UM / LM spread is far away from its minimal level. A bearish A type crossover is the status for our 7 / 23 months moving averages. With a decline during this period, a bearish no-crossover will be the status for our stochastic and MACD. LQ will be our first objective.

Idea: bearish as long as our quarterly stochastic is not oversold (at least for 3 periods)

Bet: LQ is not our main support

R = MM (1.3604);    S= LM (1.2031), LQ (1.1567), LY (.9182)

 

Medium term: below PW, LW is our next target

On a weekly basis; in September, a bearish A type crossover will be the status for our 7 / 23 weeks moving averages. If PW fail as a support, our MACD will be overbought and LW will be our next objective.

Idea: bearish below PW

Bet: below PW if our weekly stochastic is overbought (end of period)

R = MD (1.285);     S = PW (1.251), LW (1.1963)

 

 Short term: bearish no-crossover with PD?

On a daily basis, a bearish A type crossover is in progress with our 7 / 23 days moving averages. As long as MD proves to be a resistance, a weak bearish no-crossover could emerge. If PD proves to be a resistance, a bearish parallel pattern will be in hand.

Idea: above PD, MD is our next objective

Bet: MD will act as a resistance.

R = PD (1.2764), MD (1.285);   S = PW (1.251), LD (1.2458)

 

Conclusion: LW (1.1963) is our main target in October.