Despite the volatile trading it should be noted that lower daily highs are providing bears with some comfort as has the correction lower from ahead of the key $96.00-61 resistance region. The close below the 21-DMA Thursday adds weight to the bearish case with immediate focus having returned to the $92.02-50 region. Bulls need a close above $96.78 to confirm a break of the 200-DMA, falling daily trend line and an easing of bearish pressure.
RES 4: $96.61 – Falling daily trend line
RES 3: $96.58 – 200-DMA
RES 2: $96.00 – High Aug 29
RES 1: $95.39 – High Sept 4
LPRICE: $94.35
SUP 1: $94.16 – Low Sept 4
SUP 2: $93.78 – Hourly support Sept 3
SUP 3: $92.50 – Monthly Low Aug 21
SUP 4: $92.02 – Bollinger band base