Long term basis: not yet bullish
On a yearly basis, the status for our stochastic is overbought. With our 7 / 23 years moving averages, a bearish B type crossover will develop before 2014. As long as MY (end of period) proves to be a support, the recovery could continue. Next supports are 2003 low and LY.
On a quarterly basis, MQ is our next objective. With a close above MQ, The pattern could be similar to the Q2 2005 one.
On a monthly basis, Bollinger bands spread is minimal. With a NEI on our quarterly TAM, UM could be our maximal target.
Idea: bullish with a close above MQ
Bet: with a close above UM, MQ is our next objective.
R = UM (4048), MQ (4377); S = MM (3675), May 2010 low (3287), LM (3303), 2003 low (2401), LY (1147)
Medium term: rise in progress
On a weekly basis, Bollinger bands spread is minimal. As long as UM proves to be a resistance (at the close), the rise in progress is a technical move.
Idea: rise as long as MW proves to be a support
Bet: towards LW if MW fails as a support.
R = UM (4048); S= MW (3675), LW (3301)
hort term: bullish
On a daily basis, UD / LD spread is minimal. With a bear trend for LD until Wednesday, a bull trend will develop.
Idea: higher, as long as our daily stochastic is not overbought
Bet: bullish above UM.
R = UM (4048); S= MD (3888)
Conclusion: long above 4048.