The rises on May 25 and May 26 proved to be a pullback towards the neckline of the head-and-shoulders pattern at $3,020, as the subsequent fall has reversed the gain.

Also, the pullback stopped around $3,057, the 38.2 percent Fibonacci retracement on the fall from $3,348 to $2,877.

The head-and-shoulders points to an aggressive target at $2,690, but a realistic target will be $2,800, a support provided by a descending trendline.

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