Long term: flat

On a yearly basis, Bollinger band spread is not
minimal but is increasing. Our 7 / 23 years moving averages are slightly
bullish. Stochastic and MACD are neutral. UY is our main resistance and MY is
our main support.

On a quarterly basis, Bollinger spread is a reference
one. A bearish no-crossover is the status for our MACD. LQ is our first
objective.

On a monthly basis, the UM / LM spread is above a
reference one. TAM tools are on the down side. LM is our main target.

Idea: lower

Bet: towards LM.

R= MM (1.36), PQ (1.494);    S= LM (1.2322)

Medium term: lower but not bearish

On a weekly basis, UW / LW spread is above a reference
one. No PEI is in progress with TAM tools. As long as MW proves to be a
resistance, the decline could continue.

Idea: nothing to do

Bet: bearish below PW / LW.

R = MM (1.36), MW (1.3847);     S = PW (1.3212), LW (1.3103)

Short term: flat

On a daily basis, UD / LD spread is a reference one.
No PEI is in progress.

Idea: UD = strong resistance and LD = main support

Bet: wait early next year.

R = UD (1.3678);  
S = LD (1.3245)

Conclusion: weak.