Long term: towards MQ or below
On a quarterly basis, Bollinger bands spread is maximal. Our 7 / 23 quarters moving averages are up. A bearish divergence is in progress with our stochastic. Next period a similar status is expected with our MACD. MQ is our first support.
On a monthly basis, MM could fail as a support (at the close). A bearish A type crossover could be the status for our 7 / 23 months moving averages.
Idea: LM could be a strong support.
Bet: a decline towards LM is in progress.
R= MM (125.22) S= MQ (119.42), LM (117.94)
Medium term: bearish without pattern
On a weekly basis (continuous contract), a PEI is in progress with our MACD.
Idea: LM as a target with a PEI for our MACD.
Bet: bearish for three periods or more.
R = MW (128.47); S = LW (123.44)
Short term (March 2011 contract): without trend
On a daily basis, Bollinger bands spread is minimal. With TAM, no PEI could develop on a daily basis.
Idea: LD is our first support.
Bet: MD will act as a resistance.
R = MD (125.21), UD (126.44) S = LD (123.98)
Conclusion: bearish until the end of March (or +)