The support is provided by the 76.4 percent projection level of a presumed wave (c) from $8.97-1/2. This wave seems to be travelling towards $8.52, a support established by the lower trendline of a rising wedge.
It will be strategically safe to target $8.60-3/4 first, as the pattern from the Nov. 2 high of $9.00-3/4 looks like a flat, which is characterized by three component waves that are roughly equal in length.
A further bounce from the current level may be limited to $8.79.
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.