Thursday’s rally remained capped ahead of the 21-DMA with the key $52.03 resistance level just above. Bulls continue to look for a close above $52.03 to confirm an easing of bearish pressure and shift focus back to the $55.11-59.27 region. The retreat from the 21-DMA sees G15 having failed to close above the channel top and immediate pressure having returned to the 2015 low with a break lower favoured by bears.
RES 4: $56.59 – High Dec 26
RES 3: $55.11 – High Jan 2
RES 2: $52.03 – Low Jan 2 now resistance
RES 1: $51.09 – 21-DMA
LPRICE: $46.50
SUP 1: $44.20 – 2015 Low Jan 13
SUP 2: $43.39 – Bollinger band base
SUP 3: $37.12 – 2009 Low Feb 2009
SUP 4: $36.28 – Falling daily channel base
