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, LQ / UQ spread is maximal. MQ is our next objective. Above MQ, UQ is our next target.

On a monthly basis, Bollinger bands spread is minimal. With a NEI on the quarterly basis, as long as MM proves to be a support, UM is our maximal target. With a close below MM, May 2010 low is our first objective and LM is the next one.

Idea: MM is an easier target than MQ.

Bet: bearish divergence for our monthly stochastic?

R = MQ (4380);    S = MM (3758), May 2010 low (3287), PM (3287), 2003 low (2401)

 

Medium term: decline below MW

On a weekly basis, with an overbought status for our stochastic and MAD, LW will be our next target if MW fails as a support.

Idea: as long as M23 is up, the move in progress is only a technical decline

Bet: decline as long as our MACD is not oversold.

 

R = MD (4065)               S= MW (3927), LW (3698)

 

Short term: decline

On a daily basis, with a NEI on our weekly basis, the decline in progress is only a technical move.

Idea: lower as long as our MACD is not oversold

Bet: bearish with a pre-parallel pattern.

R = MD (4065);     S= MW (3927), LW (3698)

 

Conclusion: MM could be an easier target than MQ.