The resistance is identified as the 86.4 percent projection level of a wave C, the third wave of a three-wave cycle from $3.97-3/4.
This wave looks incomplete. It may eventually travel into the range of $3.58 to $3.63-1/2. With the bounce from the March 1 low of $3.66 having ended, the wave C could have resumed. A break above $3.77-1/2 could lead to a gain to $3.80-3/4.
On the daily chart, the bounce looks like a pullback towards the Nov. 27, 2018 low of $3.75, only that the pullback has been overdone.
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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. **