The current consolidation won't last very long before a sudden fierce move is seen. A rise above $9,870 will extend to $9,900, while a fall below $9,645 will confirm a small double-top, pointing to $9,513.

The impact of a fall below $9,645 will be far beyond simply triggering a shallow retracement, as the subsequent arrival at $9,513 will open the way towards the March 15 low at $8,944.50.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.