The sequence of lower daily highs continues and has resulted in fresh 2014 and 2 year lows with immediate focus now shifting to the $75.15-77.28 region and overall focus to the falling daily channel base around $78.09 today. Layers of resistance remain $79.10-84.08 with bulls needing a close above the falling channel top to ease bearish pressure and above the key $84.08 resistance to end bearish hopes and target the $87.78-90.56 region.
RES 4: $82.25 – 21-DMA
RES 3: $80.80 – Falling daily trend line
RES 2: $79.44 – Low Oct 28 now resistance
RES 1: $79.10 – Previous 2014 Low Oct 16 now resistance
PRICE: $78.37
SUP 1: $77.91 – Weekly Bollinger band base
SUP 2: $77.54 – Bollinger band base
SUP 3: $77.28 – 2012 Low June 2012
SUP 4: $75.15 – 2011 Low Oct 2011