The range has been formed by the Oct. 28 low and the 38.2 percent Fibonacci retracement on the fall to this low from the Oct. 21 high of $1,255.20.
A rise above $1,235 will be extended to $1,243, the 61.8 percent retracement, while a fall below $1,222.20 will signal a continuation of the preceding downtrend from $1,255.20, towards $1,211, the 61.8 percent Fibonacci retracement on the rise from the Oct. 6 low of $1,183.46 to $1,255.20. The bias could be towards the upside.
** 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.