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 resistance. Above MQ, UQ is our next target. But, a bearish no-crossover could develop with our moving averages. With this hypothesis, LQ is our main objective.

On a monthly basis, Bollinger bands spread is minimal. With a NEI in progress 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 / PM is the next one.

Idea: weak as long as quarterly M 23 is not bullish

Bet: on a quarterly basis, a bearish no-crossover could develop with our moving averages.

R = MQ (4330);    S = MM (3801), May 2010 low (3287), 2003 low (2401)

 

Medium term: weak

On a weekly basis, UW / LW spread is minimal. Our stochastic and MACD are overbought. A bearish A type crossover is expected. With a NEI on the monthly time frame, no bear trend could develop before the end of June.

Idea: towards MM as long as MW proves to be a resistance

Bet: a bearish pre-parallel could develop within one month.

 

R = MW (4010)               S= LW (3871), MM (3801)

  

 

Short term: weak

On a daily basis, a PEI is the status for our moving averages. A NEI is in progress with the weekly pattern.

Idea: as long as MD proves to be a resistance, more weakness is ahead.  

Bet: MD = strong resistance.

R = MD (3980);     S= LW (3871)

 

Conclusion: decline as long as MW (4010) = resistance.