The $96.00-78 region remains key resistance with Wednesday’s aggressive bounce confirming its significance having failed just ahead. Bulls need a close above $96.78 to confirm a break of the 200-DMA, falling daily trend line and an easing of bearish pressure, and above the 100-DMA to shift overall focus back to 2014 highs. Bears now look for a close below the 21-DMA to reconfirm bearish pressure and retain initial focus on the Aug monthly low.
RES 4: $97.75 – Monthly High Aug 8
RES 3: $96.78 – Falling daily trend line
RES 2: $96.58 – 200-DMA
RES 1: $96.00 – High Aug 29
LPRICE: $95.07
SUP 1: $95.03 – Hourly support Sept 4
SUP 2: $94.88 – 21-DMA
SUP 3: $93.78 – Hourly support Sept 3
SUP 4: $92.50 – Monthly Low Aug 21