The resistance and the support are identified as the 38.2 percent and the 50 percent retracements of the uptrend from $5.01-1/4 to $5.31-1/4.
The bounce triggered by the support consists of three waves. The second wave labeled c is expected to be weaker than the first wave labeled a. A projection analysis suggests that the wave c may end around $5.19-1/4, the 76.4 percent level, which is close to $5.19-3/4.
A break above $5.19-3/4 may lead to a gain to $5.21-3/4.
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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. **