Fresh 2014 and 9 month lows continued for U14 Thursday as the contract hovers precariously above the 200-DMA. The last close below the 200-WMA was seen in late June and a close below would add weight to the bearish case and shift immediate focus to the $99.80 August 2013 monthly low. Initial resistance is noted on the hourlies at $102.94 but bulls need a close above $104.61 to ease bearish pressure and above the 200-DMA to shift overall focus higher.
RES 4: $105.97 – 21-DMA
RES 3: $105.88 – Falling channel top June 23/Aug highs
RES 2: $104.61 – High Aug 12
RES 1: $102.94 – Hourly resistance Aug 14
LPRICE: $102.00
SUP 1: $101.92 – 2014 Low Aug 14
SUP 2: $101.80 – 200-WMA
SUP 3: $101.72 – Monthly Low Nov 8 2013
SUP 4: $101.10 – Monthly Low Oct 1 2013