Yet another dip below $91.50 has lacked follow through with bulls taking comfort in the bounce back towards the 21-DMA. Bulls continue to look for a close above $94.16 to confirm a break of the 21-DMA and ease bearish pressure with focus then shifting to the $94.99-96.00 region. A close above $96.00 hints at a shift higher in focus but will need to deal with key DMAs $96.57-98.63. While $94.16 caps bears target the 2014 low.
RES 4: $96.00 – High Aug 29
RES 3: $94.99 – High Sept 5
RES 2: $94.16 – Low Sept 4 now resistance
RES 1: $93.49 – 21-DMA
LPRICE: $92.76
SUP 1: $91.77 – Alternating hourly support/resistance
SUP 2: $90.43 – Low Sept 11
SUP 3: $88.69 – 2014 Low Jan 13
SUP 4: $87.17 – Monthly Low June 2013