The reversal has been indicated by the five-wave structure of the trend and the repeated failures of the contract to break a support at $8.56-1/2, the 138.2% projection level of the wave C from $9.36-1/2. A solid bottom could be developing around the support.

Chances are the final wave of the trend labeled E has ended around $8.56-1/2 and this trend may be deeply reversed. A break below $8.65 may cause a fall limited to $8.56-1/2.

On the daily chart, the contract broke above a resistance at $8.66, the 61.8% retracement on the uptrend from $8.15-1/2 to $9.48. It is rising towards $8.81-3/4.

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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.