The bounce from just short of the 2013 low provided bulls with a little relief but it’s the $1221.3-1223.3 region that remains key resistance this week. Bulls need a close above to confirm a break of the 21-DMA and an easing of bearish pressure whereas a close above $1242.7 is needed to shift focus back to the $1323.0-1345.3 region. While $1223.3 caps immediate focus remains on 2013 lows and then the July 28 2010 monthly low at $1157.6
RES 4: $1242.7 – Hourly resistance Sept 11
RES 3: $1234.2 – High Sept 23
RES 2: $1223.3 – High Sept 29
RES 1: $1221.3 – 21-DMA
LPRICE: $1204.5
SUP 1: $1182.4 – Monthly Low Dec 31 2013
SUP 2: $1180.2 – 2013 Low June 28 2013
SUP 3: $1157.6 – Monthly Low July 28 2010
SUP 4: $1124.2 – Low Apr 19 2010