Initial resistance remains noted in the $94.22-45 region to start the new week with bulls needing a close above $94.45 to confirm a break of the falling daily channel top and an easing of bearish pressure. Overall bulls need a close above the 200-DMA ($96.50) to end bearish hopes and hint at a bigger bounce that initially targets $99.41-98. While $94.45 caps immediate focus remains on last week’s low and then the daily channel base.
RES 4: $95.84 – Low Aug 13 now resistance
RES 3: $95.38 – High Aug 15
RES 2: $94.45 – High Aug 21
RES 1: $94.22 – Falling channel top
LPRICE: $93.57
SUP 1: $92.50 – Low Aug 21
SUP 2: $91.92 – Bollinger band base
SUP 3: $90.66 – Falling channel base
SUP 4: $90.54 – Monthly low Feb 3