The sequence of lower daily highs reflects the current bearish pressure with immediate focus on the $89.56 Sept 11 low. A key concern for bears is that the contract remains uncomfortable below $90.50 so bears will look for a close below this level to add weight to their case. Initial resistance is now noted $92.24-60 with bulls needing a close above the 21-DMA to provide some breathing space and above $94.12 to hint at a bigger bounce.
RES 4: $94.12 – High Sept 16
RES 3: $93.91 – Falling daily trend line
RES 2: $92.60 – 21-DMA
RES 1: $92.24 – High Sept 18
LPRICE: $91.38
SUP 1: $90.41 – Low Sept 22
SUP 2: $90.27 – Bollinger band base
SUP 3: $89.62 – Weekly Bollinger band base
SUP 4: $89.56 – Low Sept 11