Fresh 2014 lows Wednesday reconfirm bearish pressure with immediate focus now having shifted to the 2013 low and overall focus on the 2012 low. O/S studies and Bollinger band bases are key concerns for bears and are expected to limit downside follow through. Initial resistance is noted at the previous $88.18 low with bulls needing a close above to ease bearish pressure a little but above the 21-DMA is needed to shift focus higher.
RES 4: $93.60 – 55-DMA
RES 3: $91.35 – 21-DMA
RES 2: $90.74 – High Oct 6
RES 1: $88.18 – Previous daily support now resistance
LPRICE: $87.55
SUP 1: $86.83 – 2014 Low Oct 8
SUP 2: $84.51 – 2013 Low Apr 2013
SUP 3: $82.50 – Monthly Low July 2 2012
SUP 4: $77.28 – 2012 Low June 2012