A Fibonacci retracement analysis reveals an immediate target at $7.30-1/2, the 38.2 percent level, while a fall below which would open the way towards $7.17, the 50 percent level.
The hourly MACD indicator falls into the negative zone, also indicating a further retracement from the current 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.
Copyright Reuters, 2011