The resistance is identified as the 76.4 percent projection level of an upward wave C from $2,226.
This wave has a better chance of extending to $2,532 after traveling above the 61.8pc level at $2,415.
Support is at $2,415, a break below which could cause a loss to limited to $2,379. On the daily chart, the contract is retesting a resistance at $2,434.
A rise to the May 21 high of $2,453 could confirm a break and a target at $2,526.
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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.
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