The resistance is identified as the 23.6% projection level of an downward wave C from $9.64-1/4. The failure followed the completion of a five-wave cycle from the May 13 low of $7.91.

So far, this set of projection levels have been working well in marking resistances and supports. The immediate support is at $8.92-1/2, a break below which could cause a loss to $8.70-1/2.

On the hourly chart, a peak is developing around $9.21-1/2.

A retracement analysis on the uptrend from $7.91 to $9.21-1/2 reveals a higher support at $9.02-1/4, the 14.6% level, which temporarily holds the fall. Only a rise above $9.21-1/2 could signal the extension of the uptrend.

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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. **