Bulls took a little comfort in the bounce from fresh 2014 and 4 year lows and below the Bollinger band base Friday but while layers of resistance remain in the $76.48-79.85 region a bearish bias will dominate. Bulls need a close above the 21-DMA to confirm a break of the falling channel top and ease bearish pressure but overall a close above $79.85 is needed to end bearish hopes and shift immediate focus to the $82.71-85.13 region.
RES 4: $79.85 – High Nov 10
RES 3: $78.38 – 21-DMA
RES 2: $78.08 – High Nov 12
RES 1: $76.48 – High Nov 18
LPRICE: $74.35
SUP 1: $73.53 – Bollinger band base
SUP 2: $73.22 – 2014 Low Nov 14
SUP 3: $72.53 – Weekly Low Aug 2010
SUP 4: $70.82 – Falling daily channel base