Yearly trend: higher

 

On a yearly basis, the pattern in progress looks like a parallel pattern. A PEI is in progress with our MACD. Our 7 / 23 years moving averages are always on a bull trend.

Idea:  UY / LY spread is increasing

Bet: UQ as a first target.

R= UQ (120.7), PY (144.39);   S= MM (86.24)

 

Long term: decline?

On a quarterly basis, the spread UQ / LQ is maximal but could expend. TAM tools are up without PEI.

On a monthly basis, our MACD could be overbought in early July. Below MM, LM is our next objective.

Idea: rise as long as our MACD is not overbought

Bet: lower below MM.

R= UM (107.94);   S= MM (86.24), LM (64.53)

 

 Medium term: decline

On a weekly basis, UW / LW spread is not far away from its maximal level.

Idea: LW is a strong support.

Bet: bearish if MM fails as a support.

R = MW (101.59);     S = LW (89.87), MM (86.24)

 

Short term: without trend

On a daily basis; UD / LD spread is maximal. Above PD, UD is our main objective.

Idea: nothing to do

Bet:

R = PD (95.82), UD (101.6);     S = LD (89.18)

 

Conclusion: lower prices are not ruled out.