Bulls took comfort in the close back above $46.83 and the pop above the channel top in Asian trading today that eased bearish pressure a little. In saying that, a close above $52.03 is now needed to confirm the breaks and shift focus back to the $55.11-59.27 region. Bears now need to see a close back below $46.83 today to signal false breaks higher and to reconfirm overall bearish focus on the channel base.
RES 4: $55.11 – High Jan 2
RES 3: $52.03 – Low Jan 2 now resistance
RES 2: $51.60 – 21-DMA
RES 1: $50.37 – High Jan 6
LPRICE: $48.05
SUP 1: $46.83 – Alternating daily support/resistance
SUP 2: $44.31 – Bollinger band base
SUP 3: $44.20 – 2015 Low Jan 13
SUP 4: $37.05 – Falling daily channel base
