The break and close above the previous $94.12 resistance level has confirmed a break of the long term falling daily trend line and confirms the emergence of bullish pressure as a result. Pressure now shifts to the layers of resistance in the $95.01-97.52 region with bulls needing a close above the 200-DMA to add support to the case for a sustained rally. Bears now need a close below $92.05 to end bullish hopes and target 2014 lows.
RES 4: $97.35 – Monthly High Aug 8
RES 3: $95.80 – 200-DMA
RES 2: $95.07 – High Aug 29
RES 1: $95.01 – 55-DMA
LPRICE: $94.35
SUP 1: $94.12 – Previous daily resistance now support
SUP 2: $92.57 – 21-DMA
SUP 3: $92.05 – Low Sept 25
SUP 4: $90.41 – Low Sept 22