Bulls take a little comfort following the bounce from the $47.47-48.20 and close marginally above the 21-DMA ($50.82). Layers of resistance remain $51.88-56.05. Bulls now need a close above $52.72 to confirm a break of the 55-DMA which hints at further topside with a close above $56.05 seeing immediate bullish focus shift to $59.74-63.10. While $52.72 caps a slight bearish bias remains with below $47.47 to target 2015 lows.
RES 4: $55.05 – High Feb 3
RES 3: $53.75 – Falling daily trend line
RES 2: $52.72 – High Feb 19
RES 1: $51.88 – 55-DMA
PRICE: $50.50
SUP 1: $48.20 – Low Feb 15
SUP 2: $47.47 – Low Feb 2
SUP 3: $46.03 – Bollinger band base
SUP 4: $44.37 – 2015 J15 Low Jan 29
