Long term basis: lower

On a yearly basis, stochastic and MACD could continue to be overbought for two periods or more. As long as MY (end of period) proves to be a resistance, the main trend is not bullish.

On a quarterly basis, LQ / UQ spread is shrinking. A PEI is in progress with our moving averages.

On a monthly basis; for M23, the trend is bearish. Our stochastic and MACD are oversold. PM could be the main resistance.

Idea: not bullish as long as our monthly M23 is not up

Bet: higher if 3601 fails as a resistance (end of period).

R= 3600.8 (March 2012 high), MQ (3647);    S= LM (2781)

Medium term: towards LW

On a weekly basis, a bearish no-crossover is the status for our stochastic and MACD.

Idea: below MW, LW is our main objective

Bet: lower as long as our weekly stochastic is not oversold.

R= PW (3565);               S= MW (3394), LW (3175).

Short term: lower without a bearish trend

On a daily basis, UD / LD spread is a reference one. A NEI is in progress on the weekly time frame.

Idea: daily MACD is our leading indicator

Bet: nothing to do.

R= MD (3438);     S= MW / LD (3382), LW (3175).

Conclusion: nothing to do for some weeks.