After having struggled with the layers of resistance ahead of the 3169.9 level which included key DMAs for the majority of November, Friday’s rally and bullish close reconfirms bullish pressure and sees focus shift to the 3259.2-3302.9 region. Layers of support have now accumulated with bears needing a close back below the 55-DMA to confirm an easing of bullish pressure and below 3026.4 to target 2014 lows
RES 4: 3302.9 2014 High Sept 19
RES 3: 3299.3 Weekly Bollinger band top
RES 2: 3259.2 High Sept 25
RES 1: 3233.6 Rising daily channel top
PREVIOUS CLOSE: 3194.0
SUP 1: 3169.9 Alternating daily support/resistance
SUP 2: 3153.0 200-DMA
SUP 3: 3124.0 100-DMA
SUP 4: 3110.0 55-DMA
