The support is a low touched on Nov. 1, around which the current wave "c" will end, assuming the correction from the Oct. 21 high of $6.65-1/2 has adopted a flat wave pattern.

But a further drop to $6.27 will be very bearish, as a double-top will be confirmed, with a target to be established at $5.97 over the next few trading sessions.

** 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.