Once again X14 has baulked at a close below the $90.50 level with bears looking for a close below to add weight to the bearish case. Tuesday’s price action also saw the sequence of lower daily highs end but in saying that bulls still need to see a close above the 21-MDA to provide breathing space and above $94.12 to hint at a bigger bounce. While the 21-DMA caps bears continue to dominate and target 2014 lows.
RES 4: $94.12 – High Sept 16
RES 3: $93.74 – Falling daily trend line
RES 2: $92.54 – 21-DMA
RES 1: $92.24 – High Sept 18
LPRICE: $91.57
SUP 1: $90.41 – Low Sept 22
SUP 2: $90.20 – Bollinger band base
SUP 3: $89.67 – Weekly Bollinger band base
SUP 4: $89.56 – Low Sept 11