Last week’s failure ahead of the 55-DMA and falling daily trend line have resulted in pullback that sees the 21-DMA support on the first attempt. Bears will now look for a close below $47.36 to confirm a break of the 21-DMA, ending bullish hopes and seeing immediate focus shift to the 2015 low with the Bollinger band base just beneath. While the 21-DMA supports bulls favour a break higher with $55.51 resistance key.
RES 4: $59.53 – High Dec 17
RES 3: $55.51 – High Jan 2
RES 2: $54.57 – Falling daily trend line
RES 1: $54.24 – High Feb 3
PRICE: $49.34
SUP 1: $48.29 – 21-DMA
SUP 2: $47.36 – Low Feb 5
SUP 3: $46.67 – Low Feb 2
SUP 4: $43.58 – 2015 Low Jan 29
