The resistance was provided by the 23.6% retracement of the downtrend from $9.48 to $8.52-1/2. Wave pattern suggests the contract is riding on a wave c, the third wave of a three-wave cycle from $8.52-1/2.

This wave is expected to travel to $8.84-1/2, its 100% projection level. Once it reaches this level, it is likely to extend to $8.88-3/4.

On the daily chart, a flat could be developing, which consists of three waves that are roughly equal in size. The current wave c is expected to travel to $8.97-1/4, the 38.2% retracement of the uptrend from $8.15-1/2 to $9.48.

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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. **