The correction from the recent dip towards 2013 low has continued Wednesday with bulls taking significant comfort in the first close above the 21-DMA since mid-Aug. Immediate focus now shifts to the $1242.7-1245.1 region where the 38.2% Fibo retracement and key resistance are located. Bears now need a close below the 21-DMA to ease renewed bullish pressure and below $1202.9 to confirm focus on the $1180.2-1182.4 region.
RES 4: $1258.5 – High Sept 9
RES 3: $1245.1 – 38.2% Fibo $1345.3-1183.1
RES 2: $1242.7 – Hourly resistance Sept 11
RES 1: $1234.2 – High Sept 23
LPRICE: $1224.1
SUP 1: $1218.7 – 21-DMA
SUP 2: $1202.9 – Low Oct 7
SUP 3: $1182.4 – Monthly Low Dec 31 2013
SUP 4: $1180.2 – 2013 Low June 28 2013