Bears have regained the upper hand as a result of the lack of follow through on the rally earlier in the week that stalled ahead of the $1213.8 resistance level. Time spent above the 21 & 55-DMAs was brief with immediate focus having returned to the $1170.8 support. Bears look for a close below this level to reconfirm the bearish bias and to shift focus back to the 2014 low. The Bollinger band base will then be the key concern for bears.
RES 4: $1224.3 – High Dec 15
RES 3: $1216.4 – 100-DMA
RES 2: $1213.8 – High Dec 18
RES 1: $1204.0 – High Dec 31
LPRICE: $1186.1
SUP 1: $1170.8 – Low Dec 22
SUP 2: $1162.7 – Bollinger band base
SUP 3: $1146.7 – Monthly Low Dec 1
SUP 4: $1130.0 – 2014 Low Nov 7
