Lower daily highs and a relatively bearish close to start the new week has seen a dip below the rising daily channel base with pressure having shifted to the $1266.7 support. Correcting O/B daily studies are now a concern for bulls who now need a close above $1299.7 to reconfirm the bullish bias. Bears now look for a close below $1266.7 to shift focus back to the $1241.6-1252.6 region where the 200-DMA is located.
RES 4: $1315.0 – Rising daily trend line projection
RES 3: $1307.6 – 2015 High Jan 22
RES 2: $1299.7 – High Jan 26
RES 1: $1287.5 – Hourly resistance Jan 26
LPRICE: $1278.0
SUP 1: $1266.7 – Hourly resistance Jan 16 now support
SUP 2: $1252.5 – 200-DMA
SUP 3: $1244.6 – High Jan 14 now support
SUP 4: $1241.6 – 21-DMA
