The bounce to start the new week sees pressure having shifted back to layers of resistance in the $1250.3-1258.5 region. Bulls now need a close above $1258.5 to confirm a break of the 55-DMA and target $1274.4-1298.2. Bears need to see a close below initial support at $1231.5 to confirm an easing of bullish pressure whereas below the 21-DMA is needed to hint at a move back to the key $1180.2-1182.4 region.
RES 4: $1258.5 – High Sept 9
RES 3: $1255.0 – Weekly Bollinger band top
RES 2: $1253.5 – 55-DMA
RES 1: $1250.3 – High Oct 15
LPRICE: $1247.0
SUP 1: $1231.5 – Low Oct 17
SUP 2: $1223.0 – 21-DMA
SUP 3: $1202.9 – Low Oct 7
SUP 4: $1182.4 – Monthly Low Dec 31 2013