The resistance is at the 23.6 percent Fibonacci retracement on the fall from 49,610 yuan, an hourly chart high touched on March 5, to the March 12 low of 43,660 yuan. The next resistance will be at 45,930 yuan, the 38.2 percent level.
A further gain above 45,930 yuan will be less possible, as the five-wave mode on the fall 49,610 yuan indicates this fall may resume upon the completion of the rebound.
The views expressed are his own.
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