The resistance is provided by the 50 percent retracement of the downtrend from $9.34-1/2 to $8.87-3/4. The current uptrend from $8.87-3/4 looks far from complete.
An inverted head-and-shoulders has been confirmed, suggesting a target around $9.23-1/4. The correction triggered by the resistance at $9.11 is categorized as a pullback towards the neckline of the pattern.
A break below $9.05-1/2, however, will temporarily make the pattern invalid. On the daily chart, the contract has broken a resistance at $9.03, the 50 percent retracement of the uptrend from $8.53 to $9.53. Chances are it may gain more into the range of $9.14-3/4 to $9.29-1/4.
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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. **