Bulls take comfort in bounces from ahead of 2014 and 4 year lows and below the Bollinger band base with immediate focus having shifted to $77.92-78.08. Bulls now need a close above $78.08 to confirm a break of the 21-DMA and falling channel top to ease bearish pressure. Overall a close above $79.85 is needed to end bearish hopes and shift immediate focus to the $82.71-85.13 region where the 55-DMA and 50% Fibo retracement are located.
RES 4: $79.85 – High Nov 10
RES 3: $78.11 – 21-DMA
RES 2: $78.08 – High Nov 12
RES 1: $76.89 – Falling daily trend line
LPRICE: $76.37
SUP 1: $75.48 – Hourly support Nov 20
SUP 2: $73.22 – 2014 Low Nov 14
SUP 3: $72.53 – Weekly Low Aug 2010
SUP 4: $70.50 – Falling daily channel base