The support and the resistance are identified respectively as the 50 percent and the 61.8 percent projection levels of the wave C from $4.59.
There has not been any bounce to disrupt the drop from the May 3 high of $5.38-1/2. Such a bounce may occur around the support at $5.06-1/4.
A break below $5.06-1/4 could cause a loss to $4.95.
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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.