The support is identified as the 50% projection level of a downward wave c from $9.36-1/2. This wave is capable of travelling to $8.78-3/4.

The bounce triggered by the support at $8.92-1/4 seems to have completed around a resistance at $9.22-3/4. The wave c may have resumed.

A break above $9.22-3/4 could lead to a gain to $9.36-1/2. On the daily chart, the contract faces a resistance at $9.16-1/2, the 23.6% retracement on the uptrend from $8.15-1/2 to $9.48. It may retrace towards $8.97-1/4.

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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. **