The support is provided by the 76.4 percent projection level of a downward wave c from $3.71-3/4. It is the third wave of a presumed three-wave cycle from $3.79.
A big part of this cycle has been developing within a triangle, which was confirmed as a bearish pattern, suggesting a target zone of $3.53-$3.55, which is still far away from the current level.
Resistance is at $3.63-1/4, a break above which could lead to a gain limited to $3.65.
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.