The sharp correction higher from the dip to fresh 8 month lows on Thursday provides bulls with a glimmer of hope as immediate focus turns to layers of resistance in the $93.69-94.99 region. Bulls look for a close above $94.99 to confirm a break of the 21-DMA and July/Aug/Sept falling daily trend line which sees immediate focus shift to the $96.00-58 region. While the $94.99 level caps bears continue to target 2014 lows.
RES 4: $94.99 – High Sept 5
RES 3: $94.34 – Falling daily trend line July/Aug/Sept
RES 2: $94.16 – Low Sept 4 now resistance
RES 1: $93.69 – 21-DMA
LPRICE: $92.81
SUP 1: $91.77 – Hourly support Sept 11
SUP 2: $91.64 – Bollinger band base
SUP 3: $90.43 – Low Sept 11
SUP 4: $88.69 – 2014 Low Jan 13