The range is formed by the 50 percent and the 38.2 percent retracements of the uptrend from $9.28-3/4 to $10.82-1/2. A break below $10.05-1/2 could cause a loss to $9.87-1/4.
However, the bias seems to be towards the upside, after the contract found a strong support at $9.87-1/4. The drop from $10.82-1/2 consists of three waves. A Fibonacci projection analysis reveals the third wave labelled c could have ended around $9.87-1/4, its 100 percent projection level.
A break above $10.23-3/4 could open the way towards $10.46.
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