The hesitation ahead of the $1170.8 Dec 22 low combined with daily studies at O/S levels are becoming a concern for bears with the bounce in Asia today easing the bearish pressure a little. The $1203.4 resistance level remains key with bulls needing a close above to confirm breaks of the channel top, 21 & 55-DMAs, and to shift focus to the $1213.8-1240.6 region. Bears now need a close below $1170.8 to reconfirm focus on 2014 lows
RES 4: $1224.3 – High Dec 15
RES 3: $1213.8 – High Dec 18
RES 2: $1203.4 – High Dec 22
RES 1: $1192.6 – Hourly support Dec 18 now resistance
LPRICE: $1185.1
SUP 1: $1170.8 – Low Dec 22
SUP 2: $1164.6 – Falling daily channel base
SUP 3: $1160.2 – Bollinger band base
SUP 4: $1146.7 – Low Dec 1
