Bulls took a little comfort in the bounce from fresh 2014 and 4 year lows and below the Bollinger band base Friday but while layers of resistance remain in the $76.96-79.85 region a bearish bias will dominate. Bulls need a close above $78.08 to confirm a break of the falling channel top and ease bearish pressure but overall a close above $79.85 is needed to confirm a break of the 21-DMA. ending bearish hopes and targeting the $83.26-85.56 region.
RES 4: $79.85 – High Nov 10
RES 3: $78.91 – 21-DMA
RES 2: $78.08 – High Nov 12
RES 1: $76.96 – Falling daily channel top
LPRICE: $75.50
SUP 1: $74.71 – Low Nov 17
SUP 2: $73.25 – 2014 Low Nov 14
SUP 3: $72.53 – Weekly Low Aug 2010
SUP 4: $68.30 – Falling daily channel base