The support was provided by the 50 percent Fibonacci retracement on the fall from the Sept. 8 high of $7,052.25 to the Oct. 17 low of $6,530. The next support will be at $6,730, the 38.2 percent retracement, a break below which will lead to a further loss to $6,653, the 23.6 percent retracement.

A rise above $6,791, now a resistance, could signal the continuation of the short uptrend from $6,530 towards the 61.8 percent level at $6,853.

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.