The support is identified as the 50% projection level of a presumed wave c from $5.31-1/2. It has triggered a bounce, which may extend further to $5.17-1/2.

However, this wave is capable of traveling into a range of $4.72-1/4 to $4.94-3/4. As a result, the bounce may be limited to $5.17-1/2.

On the daily chart, another retracement analysis on the downtrend from $6.24-1/4 to $4.27-1/4 reveals a support at $5.02-1/2, the 38.2% level, which works together with the one at $5.01-3/4 to temporarily hold the fall.

A break below $5.01-3/4 could confirm a head-and-shoulders which indicates a target around $4.40.

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** 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. **