The lack of follow through the past two days on dips back towards the $1190.0 level are a concern for bears especially when combined with O/S daily studies looking to correct. In saying that, layers of resistance remain in the $1216.0-1251.6 region where key DMA’s and Fibo retracements are located. Bulls now need a close above the 100-DMA to confirm an easing of bearish pressure on $1190.6 and above $1251.6 to shift overall focus back to 2015 highs.
RES 4: $1246.0 – High Feb 10
RES 3: $1236.9 – High Feb 16
RES 2: $1225.0 – Hourly resistance Feb 17
RES 1: $1216.0 – 100-DMA
PRICE: $1208.0
SUP 1: $1190.6 – Low Feb 24
SUP 2: $1181.8 – Bollinger band base
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
