These resistances are identified as the 61.8 percent and the 76.4 percent projection levels of an upward wave c from $3.71-3/4. This wave is presumed to be the third part of a flat developing from the Jan. 15 low of $3.71.
The flat consists of three waves that are roughly equal in length. Based on this characteristic, the wave c could travel to $3.80-3/4, which is pointed by a falling trendline as well.
A break below a support at $3.76-1/4 could cause a loss to $3.74-1/2. A projection analysis on the daily chart reveals the same target at $3.80-3/4, the 38.2 percent projection level of an upward wave C.
A break above $3.80-3/4 could lead to a gain to $3.85.
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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. **