The lack of follow through Mon-Tues on dips back towards the $1190.0 level are a concern for bears especially when combined with O/S daily studies looking to correct. Layers of resistance remain in the $1215.9-1251.6 region where key DMA’s and Fibo retracements are located. Bulls need a close above the 100-DMA to confirm an easing of bearish pressure whereas bears need below $1190.6 to reconfirm a bearish bias and target 2014 & 2015 lows.
RES 4: $1246.0 – 200-DMA
RES 3: $1236.9 – High Feb 16
RES 2: $1225.0 – Hourly resistance Feb 17
RES 1: $1215.9 – 100-DMA
PRICE: $1208.8
SUP 1: $1190.6 – Low Feb 24
SUP 2: $1190.6 – Low Feb 24
SUP 3: $1181.2 – Bollinger band base
SUP 4: $1167.0 – Low Jan 2
