The rally Friday saw a close above the channel top and the first close above the 21-DMA since late Sept. Although these closes eased bearish pressure bulls have to capitalise on the break higher with a close above Friday’s high today or else pressure returns to the $45.83 support. A close below this level would signal a false break higher and see immediate focus return to the 2015 low and overall focus to the 2009 low at $37.12.
RES 4: $55.51 – High Jan 2
RES 3: $52.46 – Low Jan 2 now resistance
RES 2: $51.69 – Bollinger band top
RES 1: $48.35 – High Jan 30
LPRICE: $46.97
SUP 1: $45.83 – High Jan 29 now support
SUP 2: $43.58 – 2015 Low Jan 29
SUP 3: $37.12 – 2009 Low Feb 2009
SUP 4: $35.99 – Weekly Bollinger band base
