The close above the channel top Friday combined with support having developed at $46.40, correcting O/S daily studies and a flattening Bollinger band base are pointing towards cracks appearing in the downtrend. The $52.46 resistance is key this week with bulls needing a close above to confirm a break of the 21-DMA, an easing of bearish pressure and to shift focus to the $59.53 resistance. Bears need a close below $46.40 to reconfirm the bearish bias.
RES 4: $59.53 – High Dec 17
RES 3: $55.51 – High Jan 2
RES 2: $52.46 – Low Jan 2 now resistance
RES 1: $51.21 – 21-DMA
LPRICE: $48.77
SUP 1: $46.40 – Low Jan 16
SUP 2: $44.78 – 2015 Low Jan 13
SUP 3: $43.39 – Bollinger band base
SUP 4: $37.12 – 2009 Low Feb 2009
