These resistances are identified as the 50 percent and the 38.2 percent projection levels of a downward wave c from $9.24-3/4.
This wave has completed, however, the various projection levels are still working. An inverted head-and-shoulders suggests a target at $9.11-3/4. A fall from the current level would be regarded as a pullback towards $9.01, a support established by the neckline of the pattern.
On the daily chart, the contract broke the resistance at $9.03, the 50 percent retracement of the uptrend from $8.53 to $9.53. It is heading towards the next resistance at $9.14-3/4.
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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. **