Wednesday’s move to fresh 2015 and 5+ year lows found support marginally ahead of the Apr 2009 monthly low. Layers of resistance remain with bulls now needing a close above $52.03 to confirm a break of the channel top and an easing of bearish pressure. Overall a close above $56.59 is needed to hint at a bigger bounce targeting the $64.20-69.63 region. The Bollinger base remains the key concern for bears and is likely to moderate the move lower
RES 4: $56.59 – High Dec 26
RES 3: $55.11 – High Jan 2
RES 2: $52.03 – Low Jan 2 now resistance
RES 1: $50.37 – High Jan 6
PRICE: $47.67
SUP 1: $46.83 – 2015 Low Jan 7
SUP 2: $46.72 – Monthly Low Apr 2009
SUP 3: $39.35 – Falling daily channel base
SUP 4: $37.12 – 2009 Low Feb 2009
