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. Repeated failures to break lower following fresh 2014 and multi-year lows are increasing the risk of a correction with bears needing fresh 2014 lows to confirm focus on the $46.72 level.
RES 4: $64.20 – High Dec 9
RES 3: $63.60 – 21-DMA
RES 2: $62.25 – Low Dec 9 now resistance
RES 1: $59.27 – High Dec 17
LPRICE: $58.01
SUP 1: $53.94 – 2014 Low Dec 16
SUP 2: $50.97 – Bollinger band base
SUP 3: $50.33 – Daily trend line projection
SUP 4: $46.72 – Monthly Low Apr 2009
