The support is provided by the 61.8 percent Fibonacci projection level of an upward wave C, which started at the Aug. 7 low of $1,272.64. It has triggered a pullback towards a trendline rising from the same low.
The pullback may end around the trendline resistance at $1,405.
A drop below $1,376 will confirm the continuation of the downtrend from the Aug. 28 high of $1,433.31 towards $1,336, the 38.2 percent projection level.
** 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.