Monday’s sharp reversal lower from ahead of the 21-DMA has resulted in fresh 2014 and 4 year lows with immediate bearish focus now on the $72.53-58 region and overall focus having shifted to the falling daily channel base. Bulls look for a close above $75.84 to confirm an easing of bearish pressure and above the 21-DMA to shift focus back to the $83.26-84.08 region. Key concerns for bears come from O/S daily studies and the Bollinger band base
RES 4: $83.26 – High Oct 21
RES 3: $79.46 – 21-DMA
RES 2: $78.08 – High Nov 12, Falling daily channel top
RES 1: $75.84 – 2014 Low Nov 4 now resistance
LPRICE: $74.34
SUP 1: $74.07 – 2014 Low Nov 13
SUP 2: $73.58 – Weekly Low Sept 2010
SUP 3: $72.53 – Weekly Low Aug 2010
SUP 4: $68.78 – Falling daily channel base