The bounce from fresh 2014 and 5 year lows Monday confirmed the significance of the $69.57 resistance level. Bulls continue to look for a close above this level to confirm an easing of bearish pressure and shift initial focus back to layers of resistance in the $73.30-78.08 region. While $69.57 caps immediate focus remains on the $62.70 weekly low from July 2009 with overall focus now having shifted to the $56.74-59.30 region.
RES 4: $74.39 – 21-DMA
RES 3: $73.30 – Low Nov 26 now resistance
RES 2: $71.89 – Hourly support Nov 27 now resistance
RES 1: $69.57 – Hourly resistance Nov 28
LPRICE: $67.60
SUP 1: $63.72 – 2014 Low Dec 1
SUP 2: $62.70 – Weekly Low July 2009
SUP 3: $59.30 – Monthly Low July 2009
SUP 4: $56.74 – Weekly Low May 2009
