The support is identified as the 61.8pc retracement on the uptrend from $3.87 to $4.38.
It caused a bounce which has been more or less reversed.
The reversal signals a continuation of the downtrend.
The trend from $4.38 consists of three waves.
The third wave labelled c could be broken down into five smaller waves.
The bounce was driven by the fourth wave, the wave 4.
The fifth wave labelled 5 has started, unfolding towards $3.99, which is pointed by a falling trendline.
Resistance is at $4.18-1/2, a break above which could lead to a gain limited to $4.25-3/4.
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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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