Despite an inside day Monday bears remain focused on the $1182.4-1201.9 region where Dec monthly lows and 2014 lows are located. Layers of resistance have developed but bulls need a close above $1242.7 to ease bearish pressure whereas a close above $1258.6 is now needed to hint at a bigger bounce with above the 21-DMA confirming. Key concerns come from O/S studies and Bollinger band bases.
RES 4: $1264.4 – Previous hourly support now resistance
RES 3: $1258.6 – High Sept 9
RES 2: $1250.9 – High Sept 11
RES 1: $1242.7 – Hourly resistance Sept 11
LPRICE: $1237.3
SUP 1: $1225.6 – Low Sept 12
SUP 2: $1218.5 – Low Jan 8
SUP 3: $1201.9 – 2014 Low Jan 1
SUP 4: $1182.4 – Monthly Low Dec 31 2013