Overall focus remains on the $1045.5 2010 low with the break and close below the previous $1157.6 support adding weight to the bearish case. O/S studies and the Bollinger band base remain key concerns for bears but in saying that, bulls now need a close above $1177.7 to ease bearish pressure. Overall a close above $1196.0 is needed to shift focus back to the $1213.7-1240.6 region where 21 & 55-DMAs are located.
RES 4: $1207.9 – Hourly resistance Oct 30
RES 3: $1196.2 – Hourly support Oct 31 now resistance
RES 2: $1177.7 – Hourly resistance Oct 31
RES 1: $1161.0 – Low Oct 31 now resistance
LPRICE: $1144.0
SUP 1: $1124.2 – Low Apr 19 2010
SUP 2: $1085.3 – Monthly Low Mar 24 2010
SUP 3: $1045.5 – 2010 Low Feb 5 2010
SUP 4: $1000.0 – Psychological support