The downtrend from Nov. 13 high of $5.20-3/4 has resumed, following a short-lived bounce from $4.95-1/2. The bounce failed to develop further after a brief drop from the Nov. 21 high.
Driven by a wave c, the trend may extend to $4.89-1/4, the 100 percent projection level of this wave. It is not very clear if the support at $4.96-3/4 would trigger another weaker bounce. Such a bounce may be limited to $4.99-3/4.
A break above $5.01-1/4 could lead to a gain into the range of $5.04-1/4 to $5.09.
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.