The bounce Friday has eased bearish pressure and seen immediate focus shift back to the key $1203.6 resistance level. Bulls look for a close above this level to confirm breaks of the 21 & 55-DMAs, shifting immediate focus to the $1213.8-1224.3 region where the 100-DMA is located. Layers of support have accumulated on the hourlies with bears now needing a close back below $1183.6 to provide breathing space and below $1170.8 to target 2014 lows.
RES 4: $1224.3 – High Dec 15
RES 3: $1222.5 – 100-DMA
RES 2: $1213.8 – High Dec 18
RES 1: $1203.4 – High Dec 22
LPRICE: $1195.0
SUP 1: $1192.1 – Hourly support Dec 26
SUP 2: $1183.6 – Hourly support Dec 26
SUP 3: $1170.8 – Low Dec 22
SUP 4: $1166.5 – Bollinger band base
