The range is formed by the May 13 low and the 86.4% projection level of a downward wave (c) from $4.24-1/2. The next support will be at $3.57, around which a decent bounce may occur.

A break below $3.57, which looks unlikely, could cause a fall to $3.47. A sudden surge above $3.66 could signal the break below the support range was false, and a bullish target zone of $3.72-3/4 to $3.82-3/4 will be established accordingly.

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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.