The break below the long term channel base to start the new week sees bears firmly focused on layers of support last seen in 2009. Initial bearish focus shifts to the $62.70 weekly low from July 2009 with overall focus now having shifted to the $56.74-59.30 region. Layers of resistance accumulate with bulls now needing a close above $69.57 to ease bearish pressure and shift focus to layers of resistance $73.30-78.08.
RES 4: $73.30 – Low Nov 26 now resistance
RES 3: $71.89 – Hourly support Nov 27 now resistance
RES 2: $69.57 – Hourly resistance Nov 28
RES 1: $67.75 – Hourly support Nov 28 now resistance
LPRICE: $64.50
SUP 1: $62.70 – Weekly Low July 2009
SUP 2: $59.30 – Monthly Low July 2009
SUP 3: $56.74 – Weekly Low May 2009
SUP 4: $46.72 – Monthly Low Apr 2009
