The resistance is provided by the 23.6 percent Fibonacci retracement on the rise from the Oct. 2 low of $1,885 to the Oct. 22 high of $2,015.75.

The gain from the Oct. 24 low of $1,953 could have contributed to the formation of the right shoulder of a head-and-shoulders. Chances are, this gain may be totally reversed in due course.

A further rise to $1,988 may be extended to $1,997, the 14.6 percent retracement.

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.