The resistance is identified as the 38.2 percent retracement of the downtrend from $9.45 to $8.83. The correction triggered by this resistance seems to have ended around a support at $8.97-1/2.
The recovery of price from the April 9 low of $8.94-1/4 signals the continuation of the uptrend from the March 29 low of $8.83. A break below $8.97-1/2 could cause a loss into the range of $8.87-1/4 to $8.92.
On the daily chart, the contract is retesting a resistance at $9.03, the 50 percent retracement of the uptrend from $8.53 to $9.53. Following its failure on April 4, it may succeed in overcoming this barrier this time.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports. 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.