The support and the resistance are identified as the 76.4 percent and the 61.8 percent projection levels of a downward wave C from $1.1285. This wave is supposed to eventually travel to $0.8355. The bounce triggered by the support seems to have ended around $0.9475. The contract may have resumed its downtrend.
A break above $0.9475 could lead to a gain to $0.9820.
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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. **