The aggressive bounce from fresh 6 month lows combined with O/S daily studies and the spike above $94.37 Thursday provides bulls with a glimmer of hope but the failure ahead of the falling daily channel top is a concern. Bulls now need a close above the channel top to hint at a bounce back to the 200-DMA whereas bears look for a close below $93.65 today to reconfirm bearish focus and target the falling daily channel base.
RES 4: $96.49 – 200-DMA
RES 3: $95.84 – Low Aug 13 now resistance
RES 2: $95.38 – High Aug 15
RES 1: $94.92 – Falling channel top
LPRICE: $93.83
SUP 1: $93.65 – Hourly support Aug 21
SUP 2: $92.50 – Low Aug 21
SUP 3: $92.01 – Bollinger band base
SUP 4: $91.01 – Falling channel base