With the contract having looked uncomfortable below $90.50 the result has been a bounce that saw a close above the 21-DMA which confirmed an easing of bearish pressure. Bulls now look for a close above $94.12 to shift immediate focus to the $95.07-95.78 region where 55 & 200-DMAs are located. Bears now look for a close below the $92.24 support to reconfirm bearish pressure and initially target the $89.56-90.41 region.
RES 4: $95.31 – High Sept 16
RES 3: $95.07 – High Aug 29
RES 2: $94.12 – High Sept 16
RES 1: $93.58 – Falling daily trend line
LPRICE: $92.78
SUP 1: $92.24 – Previous daily resistance now support
SUP 2: $90.41 – Low Sept 22
SUP 3: $90.29 – Bollinger band base
SUP 4: $89.56 – Low Sept 11