These supports are identified respectively as the 161.8 percent and the 138.2 percent projection levels of an uptrend from $44.35.

The reversal of the trend is suggested by its five-wave structure and a head-and-shoulders forming around the Feb. 4 high of $55.75. The pattern points at a target of $50.76.

A retracement analysis on the uptrend from $42.36 to $55.75 suggests a similar target at $50.64, the 38.2 percent level, as oil has broken the 23.6 percent level at $52.59.

On the daily chart, another retracement analysis on the downtrend from $76.90 to $42.36 suggests a target at $50.51, 23.6 percent level.

A bounce from the current level may be limited to $53 (first chart).

The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.

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.