Initial resistance remains $93.69-94.37 region with bulls needing a close above $94.37 to confirm an easing of bearish pressure. Overall bulls look for a close above $95.84 to shift focus higher. The break below $95.84 on Aug 14 has seen bears targeting the falling daily channel base coming in around $91.35 today. The key concerns for bears at present are O/S daily studies and the proximity of Bollinger band bases which may limit downside follow through.
RES 4: $95.84 – Low Aug 13 now resistance
RES 3: $94.92 – Falling channel top
RES 2: $94.37 – High Aug 19
RES 1: $93.69 – Hourly resistance Aug 21
LPRICE: $93.29
SUP 1: $92.62 – Low Aug 19
SUP 2: $92.05 – Bollinger band base
SUP 3: $91.35 – Falling channel base
SUP 4: $90.54 – Monthly low Feb 3