Friday’s bounce from just short of Thursday’s lows and close above the $96.75 level eased bearish pressure a little to end the week. Bulls continue to look for a close above $98.67 to hint at further topside with focus then shifting to layers of resistance in the $99.14-102.10 region which includes key DMAs and the falling daily channel top. While $98.67 caps bears favour a test of the 100 & 200-WMAs ($94.03 & $94.12).
RES 4: $99.85 – High July 31
RES 3: $99.14 – 21-DMA
RES 2: $98.67 – High Aug 4 & 5
RES 1: $97.78 – High Aug 13
LPRICE: $96.88
SUP 1: $96.75 – Alternating support/resistance
SUP 2: $95.26 – Low Aug 14
SUP 3: $95.03 – Falling channel base June 24/July 25 highs
SUP 4: $94.50 – Bollinger band base