The recent failures ahead of the key $55.05 resistance level resulted in a close below the channel base Friday with pressure on the key $49.82 support today. Bears need 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: $56.05 – 2015 High Jan 2
RES 3: $55.05 – High Feb 3
RES 2: $54.83 – Falling daily trend line
RES 1: $52.73 – 55-DMA
PRICE: $50.94
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
