After several failures to break the resistance at $6,525, bulls seem to have given up their attempt, as indicated by the long-shadowed black candlestick forming March 1.

Even though it is too early to conclude that an upward wave C from $5,725 has completed, a decent correction into the target zone is highly anticipated.

A break above $6,525 could lead to a gain to $6,594.

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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. **