The sharp bounce from marginal fresh 2014 and 2 year lows stalled at the short term falling daily channel top with bulls now needing a close above $84.08 to confirm an easing of bearish pressure. Initial support is now noted at $81.76 with bears needing a close below to reconfirm bearish pressure and retain focus on the 2012 low. Overall bulls look for a close above the 21-DMA to end bearish hopes and target the $93.82-95.21 region where key DMAs are located.
RES 4: $87.93 – 21-DMA
RES 3: $85.56 – High Oct 10
RES 2: $84.95 – 38.2% Fibonacci 94.42-79.10
RES 1: $84.08 – High Oct 16
LPRICE: $82.45
SUP 1: $81.76 – High Oct 15 now support
SUP 2: $79.10 – 2014 Low Oct 16
SUP 3: $77.28 – 2012 Low June 2012
SUP 4: $75.15 – 2011 Low Oct 2011