For a chart: https://bit.ly/2UlJBHg
These supports are provided by the 50 percent and the 61.8 percent projection levels of a downward wave C from $9.34-1/2. This wave may have adopted a complex structure, consisting of three waves.
The sharp bounce from the March 1 low of $9.00-1/2 has been driven by the second wave labeled b. This wave is expected to be totally reversed by a downward wave c.
On the daily chart, the bounce is categorized as a pullback towards a rising trendline. It seems the bounce has completed around a resistance at $9.23-1/4, the 50 percent retracement of the uptrend from $8.93-1/2 to $9.53. The contract is poised to revisit $9.00-1/2.
For a chart: https://bit.ly/2NFvfic
A break above $9.23 could lead to a gain into the range of $9.30-1/4 to $9.38-3/4.
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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. **