After finally managing a close above the 21-DMA Monday V14 corrected sharply lower Tuesday before finding support ahead of Aug monthly lows for now with the Bollinger band base just beneath. Bears have now regained control with bulls needing a close above $94.48 to ease bearish pressure and above the 21-DMA to shift focus back to the 200-DMA. While $94.48 caps bears favour a break lower that targets the 2014 low.
RES 4: $96.00 – High Aug 29
RES 3: $94.84 – 21-DMA
RES 2: $94.48 – Previous daily support now resistance
RES 1: $93.60 – Hourly resistance Sept 2
LPRICE: $93.25
SUP 1: $92.50 – Monthly Low Aug 21
SUP 2: $91.88 – Bollinger band base
SUP 3: $90.54 – Monthly Low Feb 3
SUP 4: $88.69 – 2014 Low Jan 13