The range is formed by the its 61.8 percent projection level of a downward wave C from $9.26-1/2 and the 50 percent retracement analysis on the uptrend from $8.39-3/4 to $9.41 .
Making the support zone stronger is another support established by a rising trendline. The contract is highly likely to pause around the zone and start a bounce.
On the daily chart, the contract has slid to the main line of a rising channel. It is very likely to bounce towards $9.12-3/4, the 76.4 percent projection level of an upward wave C from $8.39-3/4.
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** 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.