The support was provided by the 76.4 percent retracement of uptrend from $4.27 to $4.78. It worked as the last barrier towards $4.27.
Wave pattern shows that the contract is riding on a wave c from $4.77-1/2. This wave has travelled below its 161.8 percent projection level at $4.36. It may extend to $4.26-1/2, which is near $4.27.
Another projection analysis on the daily chart suggests a lower target at $4.23-3/4, the 100 percent level of a downward wave C from $5.43-1/4. Even though this wave is capable of travelling to $3.78, it could be too aggressive to target this level now.
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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. **