The contract broke a falling trendline. The break makes much sense to bulls, as it signals an extension of the uptrend from the Feb. 20 low of $8.93-1/4.
The wave structure from the Sept. 18, 2018 low of $8.39-3/4 has been reviewed. The current rally is presumed to be driven by a wave C.
A retracement analysis on the fall from $9.41 to $8.80-1/2 reveals a resistance at $9.17-3/4, the 38.2 percent level, which may be broken, as the contract could have accumulated enough momentum in its consolidation around $9.10-3/4.
A break below $9.10-3/4 could cause a loss into the range of $8.94-3/4 to $9.03-1/2.
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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. **