Support and resistance are identified respectively as the 61.8 percent and the 38.2 percent Fibonacci retracements on the fall from the Dec. 4, 2015 high of 15.85 cents to the Nov. 9, 2015 low of 13.93 cents.
A break below 14.66 cents could cause a loss to the 23.6 percent level at 14.38 cents, while a break above 15.12 cents could open the way towards 15.40 cents, the 76.4 percent level.
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.