After recently stalling ahead of the long term falling trend line from Sept 2012 highs around $1219.0, the bounce Friday and bullish close saw the trend line broken which hints at further topside. Bulls now focus on the $1238.6-1257.3 region with the 200-DMA noted at $1254.2. Bears continue to look for a close below $1201.8 to regain the upper hand and below the 55-DMA to target 2014 lows. The Bollinger band top ($1226.0) is the key concern for bulls.
RES 4: $1264.2 – 55-WMA
RES 3: $1257.3 – Low Sept 3 now resistance
RES 2: $1254.2 – 200-DMA
RES 1: $1238.6 – Monthly High Dec 9
LPRICE: $1225.2
SUP 1: $1221.4 – Hourly resistance Jan 9 now support
SUP 2: $1201.7 – Low Jan 6
SUP 3: $1191.6 – 55-DMA
SUP 4: $1186.7 – Hourly support Jan 5
