Bulls are taking some comfort in the bounce following the dip below the channel base Tuesday but still need a close above $1299.7 to reconfirm the bullish bias. This then shifts focus back to $1319.2-1345.3 with a close above $1307.6 needed to add support to the bullish case. Bears need a close below $1266.7 to shift focus back to the $1244.6-1252.6 region where the 21 & 200-DMAs are located. Correcting O/B studies add weight to the bearish case
RES 4: $1324.7 – High July 17
RES 3: $1319.2 – High Aug 14, Rising daily trend line projection
RES 2: $1307.6 – 2015 High Jan 22
RES 1: $1299.7 – High Jan 26
PRICE: $1289.3
SUP 1: $1266.7 – Hourly resistance Jan 16 now support
SUP 2: $1252.6 – 200-DMA
SUP 3: $1246.6 – 21-DMA
SUP 4: $1244.6 – High Jan 14 now support
