Consolidation below the $60.00 level continues to start the new week with bulls now needing a close above $62.25 to confirm an easing of bearish pressure and shift immediate focus to the $65.55-69.54 region. Fresh 2014 and 5 year lows see bears firmly focused on the $46.72-51.06 region where the falling daily channel base is located with the Bollinger band base limiting follow through and O/S daily studies remaining a concern for bears.
RES 4: $65.55 – High Dec 8
RES 3: $64.20 – High Dec 9
RES 2: $62.25 – Low Dec 9 now resistance
RES 1: $59.57 – High Dec 12, Falling daily channel top
LPRICE: $57.94
SUP 1: $56.25 – Hourly support Dec 15
SUP 2: $55.90 – Bollinger band base
SUP 3: $51.06 – Falling short term daily channel base
SUP 4: $46.72 – Monthly Low Apr 2009
