Long term basis: not yet bullish

On a yearly basis, stochastic and MACD could continue to be overbought. 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. Our stochastic and MACD are oversold. Our moving averages trend is bearish.

On a monthly basis, a type B is expected as the status for our moving averages.

Idea: monthly stochastic is our leading indicator

Bet: UM is a strong resistance.

R= UM (3805), 4145 (Jan 2011 high);    S= MM (3350), LM (2894)

Medium term: not yet bearish

On a weekly basis, our stochastic and MACD will be overbought next Monday

Idea: towards LW if MW fails as a support

Bet: focus on MW until the end of February.

R= UW (3821);               S= MW (3563), LW (3304).

Short term: bearish without pattern

On a daily basis, Bollinger Bands spread is increasing. A PEI is the status for our stochastic and MACD. A NEI is in progress on the upper time frame.

Idea: use our MACD as a leading indicator

Bet: lower next week.

R= MD (3722);     S= MW (3563)

Conclusion: too early to be short (medium term basis).