The resistance was provided by the 107 percent projection level of an upward wave C from $8.57. The next resistance will be at $9.26-1/2, a break above which could lead to a gain to $9.34-1/2. The wave C has a better chance of extending into the range of $9.34-1/2 to $9.48.

The contract has overcome another key barrier at $9.16-3/4 as well, which was established at the 38.2 percent of the downtrend from $10.63-1/4 to $8.26-1/4. Based on this retracement analysis, the next barrier will be at $9.44-3/4.

Signals will become neutral when the contract slides into the range of $9.05-1/2 to $9.17.

* 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.