The lack of follow through on Monday’s dip to $91.80 and the failure to revisit this level yesterday is of some concern to bears who are currently targeting the $90.54 Feb monthly low. In saying that, bulls now need a close above $94.16 to confirm a break of the 21-DMA and an easing of bearish pressure whereas a close above $94.99 is now needed to hint at further topside. Bears look for a close below $92.50 to provide breathing room.
RES 4: $94.99 – High Sept 5
RES 3: $94.76 – Falling daily trend line
RES 2: $94.16 – Low Sept 4 now resistance
RES 1: $93.94 – Hourly resistance Sept 9
LPRICE: $92.97
SUP 1: $92.50 – Low Sept 9
SUP 2: $91.80 – Low Sept 8
SUP 3: $91.71 – Bollinger band base
SUP 4: $90.54 – Monthly Low Feb 3