The $84.08 resistance level remains key this week with bulls needing a close above to shift immediate focus back to the $86.70-87.78 region where the 21-DMA is located. Key concerns for bears come from O/S studies and the Bollinger band base but while $84.08 caps bears remain focused on the yearly lows in the $75.15-79.10 region. Wednesday’s correction lower sees immediate focus return to the 2014 lows with bears favouring a break lower.
RES 4: $86.60 – 21-DMA
RES 3: $85.56 – High Oct 10
RES 2: $84.95 – 38.2% Fibonacci 94.42-79.10
RES 1: $84.08 – High Oct 16
LPRICE: $80.07
SUP 1: $79.10 – 2014 Low Oct 16
SUP 2: $77.51 – Bollinger band base
SUP 3: $77.28 – 2012 Low June 2012
SUP 4: $75.15 – 2011 Low Oct 2011