The bounce was triggered by the support at $9.75, the 61.8 percent Fibonacci retracement on the uptrend from the Sept. 27 low of $9.40-1/2 to the Oct. 27 high of $10.31, it has been limited by the resistance at $9.96-1/4.
Following a struggle around $9.85-3/4, the contract eventually dropped below this weak support. Either the downtrend from $10.31 has resumed or the consolidation between $9.75 to $9.96-1/4 is extending.
Only a break above $9.96-1/4 could signal the completion of the downtrend, and a bullish target at $10.09-1/2 will be established then.