The 21 & 55-DMAs are capping with overall bearish focus on retests of 2015 lows while the 21-DMA caps. The 21-DMA is key resistance with bulls needing a close above to ease bearish pressure and shift focus to the $52.72-56.05 region. The Bollinger band base is seen as the key concern for bears and is currently limiting downside follow through. Bears now look for a close below $47.33 to add weight to their case.
RES 4: $56.05 – 2015 High Jan 2
RES 3: $55.05 – High Feb 3
RES 2: $52.72 – High Feb 19
RES 1: $50.46 – 21-DMA
PRICE: $48.17
SUP 1: $47.33 – Low Feb 11
SUP 2: $47.00 – Bollinger band base
SUP 3: $44.37 – 2015 J15 Low Jan 29
SUP 4: $43.58 – 2015 Continuation contract Low Jan 29
