The falling daily channel base at $61.31 remains the initial focus for bears with a close below $59.30 then needed to target the $56.74 weekly low from May 2009. Layers of resistance continue to accumulate with bulls now needing a close above $65.55 to ease bearish pressure and to shift immediate focus back to the $69.54-73.30 region where the channel top and 21-DMA are located.
RES 4: $69.57 – Hourly resistance Nov 28
RES 3: $68.23 – High Dec 3
RES 2: $65.55 – High Dec 8
RES 1: $63.72 – Low Dec 1 now resistance
PRICE: $62.32
SUP 1: $61.78 – Bollinger band base
SUP 2: $61.31 – Falling daily channel base
SUP 3: $59.30 – Monthly Low July 2009
SUP 4: $56.74 – Weekly Low May 2009
