The resistance and the support are identified respectively as the 23.6 percent and the 38.2 percent retracements of the uptrend from $8.39-3/4 to $9.41.
Making the resistance stronger is another similar one established by a falling trendline. It will be much easier for the contract to retrace than to overcome these two barriers and rise towards $9.26.
On the daily chart, a projection analysis reveals a resistance at $9.22-1/4, the 86.4 percent level, which may prevent a further rise if the contract breaks the resistance $9.17.
A break above $9.26 (first chart) could lead to a gain to $9.41.
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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.