The channel top continues to cap rallies and has resulted in fresh 2015 and 6 year lows with overall focus on the channel base ($35.62). Bulls 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: $49.30 – 21-DMA
RES 1: $47.72 – Falling daily channel top
LPRICE: $45.00
SUP 1: $43.10 – Bollinger band base
SUP 2: $37.46 – Weekly Bollinger band base
SUP 3: $37.12 – 2009 Low Feb 2009
SUP 4: $35.62 – Falling daily channel base
