After making losses below the 200-DMA Wednesday’s close below the 55-DMA, the first since early 2015, adds weight to the bearish case for retests of the 2014 & 2015 lows. Bulls now need a close above $1233.1 to ease bearish pressure a little and above the 200-DMA to hint at a resumption of bullish pressure. The 100-DMA remains under pressure with bears favouring a break lower while $1233.1 caps.
RES 4: $1286.6 – High Jan 29
RES 3: $1274.3 – High Feb 4
RES 2: $1255.0 – Alternating daily support/resistance
RES 1: $1233.1 – High Feb 12
PRICE: $1227.7
SUP 1: $1216.0 – 100-DMA
SUP 2: $1201.8 – Low Jan 6
SUP 3: $1167.0 – Low Jan 2
SUP 4: $1146.7 – Monthly Low Dec 1
