The resistance is identified as the 14.6 percent retracement of the uptrend from $2,008 to $2,439. The trend has reversed. The pattern from $2,439 looks like a double-zigzag, which may consist of seven waves in total. The current bounce has been driven by the fourth wave labelled x.
The fifth wave labelled a may start around $2,376, to reverse the wave x. A break above $2,376 could lead to a gain into the range of $2,376-$2,409.
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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.