Relabeled as an impulsive wave cycle, the uptrend is expected to develop into a range of 3,435-3,454 ringgit, formed by the 161.8 percent Fibonacci projection level of the current wave "3" target and a high touched on April 11.

Support is at 3,346 ringgit, a fall below which would violate the bullish outlook, and a bearish target will be established at 3,314 ringgit.

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.

Copyright Reuters, 2011