A three-wave cycle from $1,866 may have completed at the Oct. 3 low of $1,705, as a projection analysis reveals that the third wave labelled C is roughly equal to the first wave labelled A.
A retracement analysis on the cycle suggests a target range formed by the 23.6pc and the 38.2pc retracements.
Support is at $1,716, a break below which could cause a fall into the range of $1,698-$1,705.
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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.