The support is provided by the 61.8 percent projection level of a downward wave C from $2,267. The bounce triggered by this wave seems to have ended below a falling trendline and the downtrend could have resumed.
A head-and-shoulders developing from the Dec. 29 high of $2,290.50 has been confirmed, suggesting a much lower target around $1,230. Based on this calculation, the current downtrend is far from complete.
A bounce may be limited to $1,909.
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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. **