Pressure has returned to the 2014 low following repeated topside failures ahead of $59.27. Bears look for fresh 2014 and multi-year lows to reconfirm the bearish bias, ending correction hopes and shifting focus to the $45.77-46.72 region. Bulls now look for a close above the 21-DMA to confirm an easing of bearish pressure and hint at a correction that initially targets the $65.61-69.63 region. O/S daily studies remain a concern for bears.
RES 4: $64.20 – High Dec 9
RES 3: $62.25 – Low Dec 9 now resistance
RES 2: $60.10 – 21-DMA
RES 1: $59.27 – High Dec 17
LPRICE: $55.27
SUP 1: $53.94 – 2014 Low Dec 16
SUP 2: $50.31 – Bollinger band base
SUP 3: $46.72 – Monthly Low Apr 2009
SUP 4: $45.77 – Falling daily trend line projection
