The support is identified as the 114.6 percent projection level of a downward wave C from $9.45. The bounce caused by this support looks like a pullback towards $8.85-1/2.
A break above $8.85-1/2 could lead to a gain to $8.93-1/2, while a break below $8.76-3/4 could confirm the extension of the wave C towards $8.71-1/4.
On the hourly chart, the contract seems to have risen above a falling channel, it is likely to gain more towards a range of $8.85-1/4 to $8.86-1/2, as suggested by a duplicated channel.
A break below $8.79 may cause a loss to $8.76.
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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. **