This is the third wave of a three-wave cycle that developed from the Aug. 25 high of 50,300 yuan. A Fibonacci projection analysis reveals a support at 46,980 yuan, the 86.4 percent level, which has stopped the wave c again and triggered a moderate rebound.

The rebound could have ended around a resistance at 47,280 yuan, the 76.4 percent level, and the wave c seems to have resumed towards 46,570 yuan, the 100 percent projection level.

** 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.