The channel top capped the rally Thursday with minor fresh lows reconfirming immediate focus on the 2015 low and overall focus on the channel base ($36.29). Bulls now need a close above the 21-DMA to confirm a break of the channel top and an easing of bearish pressure. Overall a close above $52.46 is needed to shift focus to the $59.53-62.25 region. The Bollinger band base will remain the key concern for bears and is likely to limit follow through.
RES 4: $55.51 – High Jan 2
RES 3: $52.46 – Low Jan 2 now resistance
RES 2: $49.61 – 21-DMA
RES 1: $48.39 – Falling daily channel top
LPRICE: $47.15
SUP 1: $45.87 – Low Jan 16
SUP 2: $44.78 – 2015 Low Jan 13
SUP 3: $43.76 – Bollinger band base
SUP 4: $37.12 – 2009 Low Feb 2009
