Monday’s sharp reversal lower from ahead of the 21-DMA reconfirmed bearish bias and with immediate focus onretests of the 2014 low. While the 21-DMA caps bears favour a break lower although the Bollinger band base may limit follow through. Fresh 2014 lows see bears targeting the $72.53-73.58 region last seen in 2010. A close above the 21-DMA confirms an easing of bearish pressure and sees bulls initially targeting the $83.26-84.08 region.
RES 4: $84.08 – High Oct 16
RES 3: $83.26 – High Oct 21
RES 2: $80.15 – 21-DMA
RES 1: $79.85 – High Nov 10
LPRICE: $77.45
SUP 1: $76.55 – Bollinger band base
SUP 2: $75.84 – 2014 Low Nov 4
SUP 3: $75.15 – 2011 Low Oct 2011
SUP 4: $73.58 – Weekly Low Sept 2010