On the daily chart, the drop triggered by the key resistance at 3,856 ringgit looks so decent that it suggests a completion the wave C from 2,691 ringgit.
There might not be any major correction until oil surges to a strong resistance at $56.37. Support is at $53.41, a break below which could cause a fall to $52.84.
Shutdowns in more developed economies "increase refineries' exposure to the highly competitive product export market," BP said in its outlook, released in September.
The support is identified as the 23.6% retracement of a five-wave cycle from $39.34. The wave c is expected to travel to $47.81, its 100% projection level.
It is too early to confirm a reversal of the uptrend, simply based on the drop from the Dec. 18 high of $52.48. Resistance is at $51.83, a break above which could lead to a gain to $52.15.