Sideways trading has dominated for just over a week with bulls looking for a correction while the $53.94 low supports. O/S daily studies slowly correcting higher and the Bollinger band base having turned up are adding support to the case for a correction but a close above $59.27 remains key. Bulls need a close above $59.27 to confirm an easing of bearish pressure and to shift immediate focus to the $62.25-65.61 region.
RES 4: $64.20 – High Dec 9
RES 3: $62.25 – Low Dec 9 now resistance
RES 2: $61.65 – 21-DMA
RES 1: $59.27 – High Dec 17
LPRICE: $56.74
SUP 1: $53.94 – 2014 Low Dec 16
SUP 2: $50.74 – Bollinger band base
SUP 3: $48.03 – Daily trend line projection
SUP 4: $46.72 – Monthly Low Apr 2009
