Recent hesitation ahead of the 100-DMA is becoming an issue for bears when combined with O/S daily studies that are looking to correct. The 100-DMA remains key support with bears needing a close below to reconfirm the bearish bias and overall focus on the $1130.0-1167.6 region. While the 100-DMA supports there is an increased risk of a bounce back towards the $1245.9-1251.8 region where the 200-DMA ($1249.2) is located.
RES 4: $1286.6 – High Jan 29
RES 3: $1274.3 – High Feb 4
RES 2: $1251.8 – Low Jan 29 now resistance
RES 1: $1245.9 – High Feb 10
PRICE: $1227.5
SUP 1: $1216.3 – 100-DMA
SUP 2: $1201.8 – Low Jan 6
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
