The support is identified as the 86.4 percent projection level of an upward wave C from $51.23. It may have triggered a pullback towards a rising trendline which establishes a resistance around $63.75.

The wave C is expected to consist of five waves. The sharp fall from the April 23 high of $66.60 could have been driven by the fourth wave labeled (4), which is an alternation of the preceding wave (2). The (4) may end above a support at $61.99, the 38.2 percent retracement of the uptrend from $54.52 to $66.60.

An upward wave (5) may start around $61.99, the push the price towards $66.60 again. Despite the depth of the fall from $66.60, it is too early to conclude that the uptrend has reversed.

* The analysis is based on delayed data, prediction may be affected. Charts are not available in reports received in email box through "Alert". To get charts, use the news code of  to retrieve the original reports.

** 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.