With the 2013 lows now taken out bears shift their attention to the 2012 low at $77.28. Initial resistance is now noted at the previous 2014 low of $86.83 with bulls needing a close above to confirm an easing of bearish pressure and a close above $88.18 to shift focus back to the 21-DMA. Daily studies remain O/S and the Bollinger band base is limiting follow through but bears remain firmly in control while the $86.83-88.18 region caps.
RES 4: $90.74 – High Oct 6
RES 3: $90.67 – 21-DMA
RES 2: $88.18 – Previous daily support now resistance
RES 1: $86.83 – Previous daily support now resistance
LPRICE: $84.82
SUP 1: $83.59 – 2014 Low Oct 10
SUP 2: $82.50 – Monthly Low July 2 2012
SUP 3: $77.28 – 2012 Low June 2012
SUP 4: $75.15 – 2011 Low Oct 2011