Layers of resistance remain $79.44-84.08 with bulls needing a close above $79.44 to ease bearish pressure. Overall a close above the 21-DMA is needed to hint at a bigger bounce with above the key $84.08 resistance confirming and targeting the $87.78-90.56 region. While $79.44 caps an overall bearish bias remains with immediate focus remaining on the 2014 lows and a break lower targeting the $72.53-73.58 region.
RES 4: $84.08 – High Oct 16
RES 3: $83.26 – High Oct 21
RES 2: $80.74 – 21-DMA
RES 1: $79.44 – Low Oct 28 now resistance
LPRICE: $78.90
SUP 1: $77.74 – Low Nov 7
SUP 2: $75.84 – 2014 Low Nov 4
SUP 3: $75.15 – 2011 Low Oct 2011
SUP 4: $73.58 – Weekly Low Sept 2010