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Long term: flat

On a yearly basis, Bollinger bands spread is flat. Next period, TAM tools trend will be down. 1.1640 (2005 low) will be our main target.

On a quarterly basis, Bollinger bands spread is a reference one and will continue to expand. A bearish no-crossover is the status for each TAM tool.

On a monthly basis, UM / LM spread is above the reference level but Bands continue to expand.

Idea: lower with a technical recovery if our monthly stochastic status is oversold

Bet:  focus on monthly stochastic until the end of next week.

R= MM (1.35);    S= 1.164.

Medium term: technical recovery in progress

On a weekly basis, with a close above MW, UW could be our next objective.

Idea: stochastic will be up for two periods or more

Bet: UW as a target if 1.2748 (June 2012 high) fails as a resistance.

R= MW (1.2584 at the close), 1.2748, UW (1.3193);   S= LW (1.1975)

Short term: rise

On a daily basis, a PEI is in progress with our moving averages.

Idea:  use our MACD as a leading indicator

Bet:  up for 15 periods.

R= UD (1.2601);   S= MD (1.2409)

Conclusion: close a short position if MW fails as a resistance (e.o.p).