Long term: a new trend could emerge

On a yearly basis, Bollinger bands spread will stay flat. TAM tools are without NEI / PEI.

On a quarterly basis, a PEI is in progress for our moving averages and our MACD. LQ is our first target.

On a monthly basis, the UM / LM spread is above a reference one. Stochastic and MACD are oversold and our moving averages will continue to decline.

Idea: above PM, a recovery could develop

Bet: with a close above MM, a new trend could emerge next year.

R= PM (1.3139), MM (1.3301), MQ (1.3772);    S= 1.1877 (2010 low).

Medium term: higher

On a weekly basis, Bollinger spread is above a reference one. A weak bullish no-crossover is in progress with our moving averages but will continue thru 2013.

Idea: weekly MACD is our leading indicator

Bet: MM could be an objective.

R = MM (1.3301);     S = MW (1.2755).

Short term: a type II is in progress

On a daily basis, a type II is in progress.

Idea: use bullish parallel rules

Bet: bullish.

R = MM (1.3301);        S = PD (1.2961).

Conclusion: a new bull trend (medium / long term basis) is not ruled out.