The contract could be riding on a wave C, the third wave of a three-wave cycle developing from the July 19 high of $1,866. After traveling below $1,748, this wave has a better chance of extending to $1,698.
Resistance is at $1,748, a break above which may lead to a gain into the range of $1,764-$1,780.
* The analysis is published once a week on Monday.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.