Bears take additional comfort in the break below the psychological $60.00 level with immediate focus now having shifted to the $56.74 level and overall focus to the short term falling daily channel base. Layers of resistance continue to accumulate with bulls now needing a close above $64.20 to ease bearish pressure and above $69.57 to confirm a break of the 21-DMA ($69.29) and initially target $73.30-78.08.
RES 4: $68.23 – High Dec 3
RES 3: $65.55 – High Dec 8
RES 2: $64.20 – High Dec 9
RES 1: $62.25 – Low Dec 9 now resistance
LPRICE: $59.35
SUP 1: $57.61 – Bollinger band base
SUP 2: $56.74 – Weekly Low May 2009
SUP 3: $52.32 – Falling short term daily channel base
SUP 4: $46.72 – Monthly Low Apr 2009
