The support is provided by the 76.4% projection level of the wave c from $5.31-1/2. This wave is expected to travel to $4.72-1/4.

The support triggered a brief bounce which seems to have ended below a resistance at $5.01-3/4. The wave c may have resumed. A break above $5.01-3/4, however, could signal the completion of the wave c. A bullish target range of $5.08-3/4 to $5.17-1/2 will be established accordingly.

On the daily chart, a head-and-shoulders indicates a target around $4.40. The immediate target will be $4.73-1/2, the 23.6% retracement of the downtrend from $6.24-1/4 to $4.27-1/4.

A break above $5.02-1/2 would make the pattern invalid.

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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. **