The recent failures ahead of the key $55.05 resistance level resulted in a dip below the channel base and 21-DMA ($50.22) Thursday with bulls taking comfort in the bounce that followed. Bears now look for a close below $49.82 to confirm a break of the 21-DMA, hinting at a deeper correction whereas a close below $47.47 is needed to confirm. While $49.82 supports bulls favour a break higher that targets the $62.39-65.84 region where the 100-DMA is located.
RES 4: $58.76 – 38.2% Fibonacci retracement 82.03-44.37
RES 3: $56.05 – 2015 High Jan 2
RES 2: $55.18 – Falling daily trend line
RES 1: $55.05 – High Feb 3
PRICE: $52.28
SUP 1: $49.82 – Low Feb 19
SUP 2: $48.93 – Low Feb 11
SUP 3: $47.47 – Low Feb 2
SUP 4: $44.37 – 2015 J15 Low Jan 29
