The support was provided by the 61.8 percent retracement on the uptrend from $2,008 to $2,439. The next support will be at $2,110, which will serve as the last barrier towards $2,008.
The downtrend from $2,439 has been developing within a falling channel. A duplicated channel suggests a target around $2,040. A break above $2,192 could signal the break below $2,173 was false, and a bullish target at $2,224 will be established then.
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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.