This is the third wave of a presumed three-wave cycle from $9.45. It is capable of travelling into a range of $8.96-1/2 to $9.11, formed by the its 100 percent and the 61.8 percent projection levels.
The support at $9.20 temporarily held the fall and caused a weak bounce which may be limited to $9.25-1/2. The pattern from the Feb. 11 low of $9.17-3/4 looks like an inverted head-and-shoulders, which is likely to become valid, should the contract keep on hovering above $9.20.
A break above $9.25-1/2 could lead to a gain into the range of $9.29 to $9.34-1/2. On the daily chart, the contract is poised to retest a rising trendline, which provides a support around $9.16. A break could cause a loss to $9.07-1/2.
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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. **