Support is identified as the 138.2 percent Fibonacci projection level of a downward wave (c) that started at the Sept. 16 high of $6,992. This wave is capable of travelling to $6,444, the 161.8 percent projection level.
Resistance is at $6,604, the 114.6 percent projection level, a break above which could cause a further gain to $6,653, the 100 percent 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.