Long term: bullish parallel on a quarterly basis

On a quarterly basis, the pattern is a bullish parallel one. A type I could develop. The dynamic for our 7 / 23 quarters moving averages is strong and continue thru 2013. A PEI is in progress with our MACD. On a monthly basis, a type III is in progress.

Idea: focus on monthly MACD (no-crossover / overbought)

Bet: towards 5 000 or above as long as no NEI will develop on a monthly basis.

R = rise > 2 years, +++ (could be above 5 000);    S = PM (1532.8), MM (1398.9)

Medium term: towards LW?

On a weekly basis, UW / LW spread is maximal. Stochastic and MACD are overbought.

Idea: focus on moving averages (crossover / no-crossover)

Bet: weak as long as our stochastic is not oversold.

 R= MD (1694.2), UW (1893.3);   S = PM (1532.8), LW (1417.3)

Short term: technical recovery

On a daily basis; as long as our 23 days moving average trend is down, a rise is only a technical recovery.

Idea: towards LD if MD proves to be a resistance

Bet: LD is a very strong support.

R = MD (1694.2), UD (1845.8)               S = LD (1542.6)

Conclusion: focus on MD.