The bounce from recent 2014 and 5 + year lows stalled at the $59.27 level with bulls now needing a close above this level to confirm an easing of bearish pressure and to shift immediate focus to the $62.25-65.61 region where the 21-DMA is located. With pressure having returned to 2014 lows the risk of a correction is greatly reduced but bears need fresh 2014 lows to confirm focus on the $46.72-49.41 region where the channel base is located.
RES 4: $64.41 – 21-DMA
RES 3: $64.20 – High Dec 9
RES 2: $62.25 – Low Dec 9 now resistance
RES 1: $59.27 – High Dec 17
LPRICE: $54.95
SUP 1: $53.94 – 2014 Low Dec 16
SUP 2: $50.53 – Bollinger band base
SUP 3: $49.41 – Falling daily channel base
SUP 4: $46.72 – Monthly Low Apr 2009
