The support is identified as the 61.8% projection level of a downward wave C from $9.36-1/2. This wave is capable of travelling to $8.78-3/4.

Working together with the support is another similar one established by a rising trendline. Despite their joint effort, they may fail to stop the wave C.

Resistance is at $9.07-1/2, a break above which may lead to a gain limited to $9.14-1/4.

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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. **