The break of the 61.8% Fibonacci retracement at $1179.5 Monday came following another failed attempt to make headway above the 21 & 55-DMAs with the falling daily channel base supporting so far. The break lower confirms the bearish bias and sees bears targeting the $1130.0-1146.7 region although the Bollinger band base may limit follow through. Bulls now need a close above $1192.6 to ease bearish pressure and above $1203.4 to target $1224.3-1240.6.
RES 4: $1213.8 – High Dec 18
RES 3: $1203.4 – High Dec 22
RES 2: $1192.6 – Hourly support Dec 18 now resistance
RES 1: $1183.6 – Low Dec 17 now resistance
LPRICE: $1177.5
SUP 1: $1168.3 – Falling daily channel base
SUP 2: $1162.9 – Bollinger band base
SUP 3: $1146.7 – Low Dec 1
SUP 4: $1130.0 – 2014 Low Nov 7
