Support - $45.05, $44.59, $44.27
Resistance - $46.16, $47.00, $48.34
- Loss of momentum as prices neared $48.34 (50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low) opened doors for a drop to rising levels.
- Despite sharp drop seen yesterday and in early Europe today. charts indicate bulls remain in control, more so because rising support at $45.05 and $44.59 is intact.
- A daily closing below $44.59 would indicate short term invalidation, which could be followed by a sideways to action.