The contract is riding on a wave (5), the final wave of a bigger C from $1.1010. This wave is capable of travelling to $0.9375, which is pointed by a trendline falling through the bottoms of the preceding wave (1) and the wave (3). However, a more realistic target could be $0.9585.
Resistance is at $0.9790, a break above which could lead to a gain into the range of $0.9840-$0.9920.
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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. **