The 21-DMA capped the rally Friday with bearish pressure having been reconfirmed to start the new week with V14 pressuring the weekly Bollinger band base and last week’s low. Initial resistance is noted on the hourlies at $92.37 but bulls need to see a close above $94.16 to confirm a break of key resistance levels and an easing of bearish pressure. While $94.16 caps bears target the 2014 lows.
RES 4: $94.99 – High Sept 5
RES 3: $94.16 – Low Sept 4 now resistance
RES 2: $93.53 – 21-DMA
RES 1: $92.37 – Hourly resistance Sept 15
LPRICE: $91.16
SUP 1: $90.59 – Weekly Bollinger band base
SUP 2: $90.43 – Low Sept 11
SUP 3: $88.69 – 2014 Low Jan 13
SUP 4: $87.17 – Monthly Low June 2013