Pressure has returned to initial resistance as daily studies begin to correct from O/S levels. Bulls continue to look for a close above the now double daily top at 3062.2 to confirm an easing of bearish pressure whereas a close above the 200-DMA is needed to shift focus to the 3190.9-3223.9 region where 55 & 100-DMAs are located. Bears now need a close below Wednesday’s low to reconfirm bearish pressure but O/S studies should limit follow through.
RES 4: 3128.9 200-DMA
RES 3: 3105.4 Hourly resistance Aug 1
RES 2: 3095.1 High Aug 5
RES 1: 3062.2 High Aug 6 & 13
PREVIOUS CLOSE: 3056.0
SUP 1: 3017.6 Low Aug 12
SUP 2: 2971.5 Monthly Low Mar 14
SUP 3: 2944.1 2014 Low Feb 4
SUP 4: 2916.7 Monthly Low Dec 13 2013