The neckline of the pattern is at $6,733, a resistance identified as the 76.4 percent Fibonacci projection level of downward wave (c) that started at the Sept. 16 high of $6,992.
A break above resistance will confirm the double-bottom, which points a target at $6,863, the 38.2 percent level. A more realistic target, however, could be $6,783, the 61.8 percent level.
A drop to $6,680 may be extended towards $6,604.
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.
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