The support and the resistance are identified as the 176.4% and the 150% projection levels of a downward wave c from $4.60. The next resistance is at $4.27-1/2, a break above which could lead to a gain to $4.31-3/4.
A retracement analysis on the uptrend from $3.52-1/2 to $4.68-3/4 reveals a support at $4.10-1/2, the 50% level, which works together with the support at $4.13-1/2 to stop the fall.
Only a break below $4.13-1/2 could signal the extension of the wave c towards $4.03-1/2.
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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. **