The support is identified as the 186.4% projection level of a downward wave C from $4.60. The bounce triggered by this support has been shaped into a wedge, which looks like a bearish continuation pattern.

A break above $3.62-1/2 could signal the formation of a bottom around $3.57, and a bullish target at $3.70-1/2 will be established.

On the daily continuous chart, the consolidation around a support $3.61-1/2 could be ending. The contract is expected to fall towards $3.44-1/4, the 100% projection level of a downward wave c from $4.17.

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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. **