For a chart: https://bit.do/eKrJ2
The support is provided by the 86.4 percent retracement of the downtrend from $9.53 to $8.93-1/2. It works as the last barrier towards $8.93-1/2.
The drop may pause around $8.93-1/2, which is a support and will be strengthened by another one at $8.91, the 61.8 percent retracement of the uptrend from $8.53 to $9.53.
It could be difficult to gauge the depth of the current fall on the daily chart of May contract. However, the daily continuous chart presents a very bearish picture.
For a chart: https://bit.do/eKrLa
A triangle has been confirmed. It indicates a target around $6.63-1/4 over six months or a one-year period. Even a realistic target is bearish enough. It is around $7.90-3/4.
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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. **