The range is formed by 50 percent and the 38.2 projection levels of a wave C from $2,059. A break above $1,950.50 could open the way towards $2,000, while a break below $1,934 could cause a loss to $1,905.
The bias could be towards the downside, as the wave C is capable of traveling into the range of $1,810-$1,905.
The analysis is based on delayed data, prediction may be affected.
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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.