The $52.46 resistance level remains key this week with bulls needing a close above to confirm a break of the 21-DMA and channel top, an easing of bearish pressure and to shift focus to the $59.53-62.44 region. Bears need a close below $46.40 to reconfirm the bearish bias with immediate focus shifting to 2015 lows and overall focus to the channel base. The Bollinger band base will remain the key concern and is likely to limit follow through.
RES 4: $55.51 – High Jan 2
RES 3: $52.46 – Low Jan 2 now resistance
RES 2: $50.15 – 21-DMA
RES 1: $49.06 – Falling daily channel top
LPRICE: $47.42
SUP 1: $46.40 – Low Jan 16
SUP 2: $44.78 – 2015 Low Jan 13
SUP 3: $43.84 – Bollinger band base
SUP 4: $37.12 – 2009 Low Feb 2009
