The contract has again retreated from ahead of the 21-DMA with pressure having returned to the layers of support in the $87.78-88.18 region. While the 21-DMA caps bears favour a break lower that then sees focus shift to the 2013 low. Bulls continue to look for a close above the 21-DMA to ease bearish pressure and shift focus to the $93.86-95.67 region where 55 & 200-DMAs are located. O/S studies and Bollinger band bases remain key concerns for bears
RES 4: $95.07 – High Aug 29
RES 3: $93.86 – 55-DMA
RES 2: $91.56 – 21-DMA
RES 1: $90.74 – High Oct 6
LPRICE: $88.35
SUP 1: $88.18 – Low Oct 2
SUP 2: $87.85 – 2014 Low Jan 13
SUP 3: $87.78 – Weekly Bollinger band base
SUP 4: $84.51 – 2013 Low Apr 2013