The resistance was provided by the 14.6 percent Fibonacci projection level of an upward wave c, which started at the Oct. 17 low of 46,270 yuan and is presumably the third wave of a three-wave cycle that developed from the March 12 low of 43,740 yuan.
The next resistance will be at 48,120 yuan, the 23.6 percent level. A fall below 47,420 yuan, now a support, could signal the completion of the rebound from 46,270 yuan.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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