Resistance was provided by the 14.6 percent Fibonacci retracement on the fall from the Oct. 1 high of $92.96 to the Oct. 27 low of $79.44. Wave pattern suggests the development of an upward wave (4), the fourth wave of a five-wave cycle that started at the Sept. 30 high of $94.90.

This wave is capable of traveling into the range of $82.63-$84.60, formed by the 23.6 percent and the 38.2 percent retracements. A drop below $80.52 could be extended to $79.44.

** 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.