The sharp sell-off that culminated in break of the key $1180.2-1182.4 resistance region Friday further confirms bearish dominance and sees bears targeting the $1045.5 2010 low. Bulls now need a close above $1177.7 to ease bearish pressure and above $1196.2 to shift immediate focus to $1220.4-1222.4. Key concerns for bears are seen coming from O/S daily studies and the Bollinger band bases which may limit follow through until they catch up.
RES 4: $1222.4 – Low Oct 28 now resistance
RES 3: $1207.9 – Hourly resistance Oct 30
RES 2: $1196.2 – Hourly support Oct 31 now resistance
RES 1: $1177.7 – Hourly resistance Oct 31
LPRICE: $1167.5
SUP 1: $1157.6 – Monthly Low July 28 2010
SUP 2: $1124.2 – Low Apr 19 2010
SUP 3: $1085.3 – Monthly Low Mar 24 2010
SUP 4: $1045.5 – 2010 Low Feb 5 2010