The support and the resistance are identified as the 100 percent and the 86.4 percent projection levels of a downward wave C from $9.45. It is the third wave of a three-wave cycle from the Dec. 12, 2018 high of $9.53.
Working together with the support is another one at the March 12 low of $8.87-3/4. These two supports are likely to temporarily hold the fall and trigger a bounce.
On the daily chart, the contract has broken a support at $8.91, the 61.8 percent retracement of the uptrend from $8.53 to $9.53. It may pullback towards this level.
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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. **