By
These resistances are identified respectively as the 61.8 percent and the 50 percent retracements of the downtrend from $9.22-1/4 to $8.12-1/4.
The contract has also broken a falling trendline. The break signals a reversal of the downtrend from $9.22-1/4. The rally from $8.12-1/4 consists of three waves. A projection analysis on the third wave labeled c suggests a resistance at $8.80 as well, its 100 percent level.
Most likely, the contract could fail to break $8.80 at its first attempt and then pull back towards the trendline. A break below $8.67-1/4 could cause a limited loss to $8.63-1/2.