The support is identified as the 61.8% projection level of a presumed wave C from $4.60. It has triggered a weak bounce which is indeed a pullback towards a rising trendline. The pullback is over and the wave C has resumed.

This wave is likely to extend to $4.04-3/4. A retracement analysis on the uptrend from $3.52-1/2 to $4.68-1/2 reveals a similar target at $3.96-3/4, the 61.8% level.

A break above $4.32-1/4 may lead to a gain to $4.38-3/4.

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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. 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. **