The sharp bounce from fresh 2014 and 4 year lows Friday and close above $1161.1 has eased bearish pressure and combined with correcting O/S daily studies provides bulls with a glimmer of hope. The $1161.1 level now becomes initial support with bears needing a close below to reconfirm bearish pressure. While $1161.1 supports focus shifts to the $1196.3-1228.4 region where 21 & 55-DMAs are located.
RES 4: $1208.2 – 21-DMA
RES 3: $1207.9 – Hourly resistance Oct 30
RES 2: $1196.2 – Hourly support Oct 31 now resistance
RES 1: $1183.1 – Low Oct 3 now resistance
LPRICE: $1172.5
SUP 1: $1161.1 – Alternating daily support/resistance
SUP 2: $1130.0 – 2014 Low Nov 7
SUP 3: $1124.2 – Low Apr 19 2010
SUP 4: $1085.3 – Monthly Low Mar 24 2010