The resistance is identified as the 38.2% projection level of an upward wave c from $8.48-1/4. This wave is capable of travelling into the range of $8.87-3/4 to $9.12.

Support is at $8.72-1/2, a break below which could cause a loss to $8.63-1/2. On the daily chart, the contract is expected to retest a resistance at $8.92-1/2, the 38.2% projection level of a downward wave C from $9.64-1/4.

A break above $8.92-1/2 could open the way towards $9.20. A correction from the current level may be limited to $8.70-1/2.

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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. **