The failure seems to be due to a trendline resistance around $9.02. If the contract keeps hovering below this short line, it may fall towards the range of $8.91-1/2 to $8.94-1/4, formed by the 76.4 percent and the 100 percent projection levels of a downward wave c.
A break above the trendline resistance at $9.02 could lead to a gain to $9.06-1/2, the 38.2 percent retracement of the downtrend from $9.45 to $8.83.
On the daily chart, the contract failed to break a resistance at $9.03, the 50 percent retracement of the uptrend from $8.53 to $9.53. It may move sideways in the narrow range of $8.93-1/2 to $9.03 for one day before seeking its next direction.
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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. **