The resistance is identified as the 61.8% retracement on the fall from $6.19 to $4.18-1/2.
After a consolidation in the range of $4.95 to $5.18-3/4, the contract may have accumulated enough bullish momentum to overcome this barrier.
However, a closer look at the hourly chart reveals an immediate resistance at $5.29-3/4, the 38.2% projection level of an upward wave C from $4.87-3/4.
Strengthening this resistance is another one at $5.29, the June 4 high.
It is not very clear if the contract could overcome these barrier in its current attempt.
The longer it hovers around this level, the more likely it will start a shallow correction.
A rise to $5.32 may confirm a break.
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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.
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