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 and overall focus on the 2014 low. Initial resistance remains at Monday’s high with bulls now needing a close above to ease the bearish pressure and above $1190.6 to target key DMAs $1199.1-1226.9. O/S daily studies and the Bollinger band base remain the key issues for bears.
RES 4: $1225.0 – Hourly resistance Feb 17
RES 3: $1210.5 – 100-DMA
RES 2: $1190.6 – Previous daily support now resistance
RES 1: $1175.8 – High Mar 9
PRICE: $1154.5
SUP 1: $1142.9 – Low Nov 28
SUP 2: $1130.1 – Weekly Bollinger band base
SUP 3: $1130.0 – 2014 Low Nov 7
SUP 4: $1085.3 – Monthly low Mar 24 2010