Long term: towards MQ or below
On a quarterly basis, Bollinger bands spread is maximal. A bullish A type crossover for our 7 / 23 months moving averages could be over this year. A bearish divergence is in progress with our stochastic. Next period a similar status could be expected with our MACD. MQ is our first support.
On a monthly basis, a bearish crossover could be the status for our 7 / 23 months moving averages.
Idea: LM is our first support.
Bet: as long as MM proves to be a resistance, a decline towards LM is in progress.
R= MM (125.42) S= MQ (119.33), LM (118.61)
Medium term: technical recovery
On a weekly basis (Continuous contract); a bullish no-crossover is in progress with our MACD. Above MW, UW could be a target.
Idea: MW could be a strong resistance
Bet:
R = MW (124.75); S = LW (120.75)
Short term (June 2011 contract): without trend
On a daily basis, UD / LD spread is maximal. TAM are neutral. UD is our main resistance and LD is our main support.
Idea: nothing to do
Bet:
R = UD (123.5) S = LD (121.25)
Conclusion: wait on a short term basis.