The sequence of higher daily lows last week resulted in a close well above the 21-DMA Friday which has seen bulls take control with immediate focus having shifted to the 200-DMA. A close above the 200-DMA would add support to the bullish case which then sees focus shift to the $97.75-99.25 region. Bears now need a close below $94.48 to confirm a break of the 21-DMA and shift focus back to the $92.50 Aug monthly low.
RES 4: $97.75 – Monthly high Aug 8
RES 3: $97.49 – 38.2% Fibonacci 105.55-92.50
RES 2: $96.96 – Falling daily trend line June-Aug
RES 1: $96.59 – 200-DMA
LPRICE: $95.82
SUP 1: $95.52 – Hourly support Sept 2
SUP 2: $95.06 – 21-DMA
SUP 3: $94.48 – Low Aug 29
SUP 4: $93.35 – Low Aug 26