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. The bearish close Thursday sees focus confirmed on the 2015 lows.
RES 4: $56.05 – 2015 High Jan 2
RES 3: $55.05 – High Feb 3
RES 2: $52.72 – High Feb 19
RES 1: $50.40 – 21-DMA
PRICE: $46.90
SUP 1: $46.76 – Bollinger band base
SUP 2: $44.37 – 2015 J15 Low Jan 29
SUP 3: $43.58 – 2015 Continuation contract Low Jan 29
SUP 4: $37.12 – 2009 Low Feb 2009
