The break lower Monday confirmed the bearish bias and sees bears targeting the $1130.0-1146.7 region although the Bollinger band base may limit follow through. Bulls continue to look for a close above $1192.6 to ease bearish pressure and above $1203.4 to confirm breaks of the 21 & 55-DMAs and the falling channel top, targeting $1224.3-1240.6. Daily studies are approaching O/S and will be closely watched.
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: $1184.9 – High Dec 23
LPRICE: $1177.6
SUP 1: $1164.6 – Falling daily channel base
SUP 2: $1162.2 – Bollinger band base
SUP 3: $1146.7 – Low Dec 1
SUP 4: $1130.0 – 2014 Low Nov 7
