The $1242.7 level remains key resistance with bulls needing a close above to confirm an easing of bearish pressure. Overall a close above $1258.6 is needed to confirm a break of the 21-DMA and hint at a bigger bounce. The failure at $1242.7 has seen fresh 8 month lows this week & immediate focus on the $1180.2-1201.9 region where 2013 and 2014 lows are located. Key concerns for bears come from O/S daily studies and Bollinger band bases.
RES 4: $1277.7 – High Sept 4
RES 3: $1258.6 – High Sept 9
RES 2: $1249.0 – 21-DMA
RES 1: $1242.7 – Hourly resistance Sept 11
LPRICE: $1222.8
SUP 1: $1208.0 – Low Sept 22
SUP 2: $1201.9 – 2014 Low Jan 1
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013