Last week’s failures to close above the 100-DMA and ahead of the key $1225.0-1251.6 region rewarded bears with fresh 2015 lows Friday and overall focus now confirmed on the 2014 low. Initial resistance is now noted at the previous $1190.6 support level with bulls needing a close above to ease the bearish pressure. Layers of resistance remain $1213.8-1251.6 and are likely to prove tough going
RES 4: $1228.0 – 55-DMA
RES 3: $1225.0 – Hourly resistance Feb 17
RES 2: $1213.8 – 100-DMA
RES 1: $1190.6 – Previous daily support now resistance
PRICE: $1170.8
SUP 1: $1163.9 – 2015 Low Mar 6
SUP 2: $1142.9 – Low Nov 28
SUP 3: $1131.4 – Weekly Bollinger band base
SUP 4: $1130.0 – 2014 Low Nov 7
