Failure to break back above $1286.6 on recent bounces from ahead of the 200-DMA provides bears with some comfort. In saying that, a close below $1244.6 remains needed to confirm a break of the 200-DMA, ending bullish hopes and shifting overall focus back to $1130.0-1167.6. The significance of the $1286.6 level was confirmed Tuesday with bulls needing a close above to regain the upper hand and above $1307.6 to target $1319.2-1345.3.
RES 4: $1319.2 – High Aug 14
RES 3: $1307.6 – 2015 High Jan 22
RES 2: $1299.7 – High Jan 26
RES 1: $1286.6 – High Jan 29
PRICE: $1271.4
SUP 1: $1251.9 – 200-DMA
SUP 2: $1244.6 – High Jan 14 now support
SUP 3: $1237.8 – 50.0% Fibonacci $1167.6-1307.9
SUP 4: $1225.0 – Low Jan 14
