With the psychological $50.00 level having fallen by the wayside the Bollinger band bases continue to limit follow through as bears remain focused on the falling daily channel base. Layers of resistance continue to accumulate with bulls now needing a close above the falling daily channel top to ease bearish pressure, above $56.59 to hint at a bigger bounce and above $59.27 confirming.
RES 4: $59.27 – High Dec 17
RES 3: $56.59 – High Dec 26
RES 2: $55.11 – High Jan 2
RES 1: $52.81 – Falling daily channel top
LPRICE: $47.90
SUP 1: $46.72 – Monthly Low Apr 2009
SUP 2: $46.63 – Weekly Bollinger band base
SUP 3: $41.65 – Falling daily channel base
SUP 4: $37.12 – 2009 Low Feb 2009
