The resistance was provided by the 38.2 percent Fibonacci projection level of an upward wave C that developed from the Oct. 16 low of 2,104 ringgit. This is the third wave of a three-wave cycle that rose from the Sept. 2 low of 1,914 ringgit.
The next resistance will be at 2,259 ringgit, the 50 percent level, a break above which will lead to a further gain to 2,295 ringgit, the 61.8 percent level.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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