These resistances are identified as the 23.6% and the 38.2% retracements of the downtrend from $4.68-3/4 to $3.87-1/4. Given that the current bounce has been observing this set of retracements closely, it is likely to extend to $4.18-1/4.

The contract failed twice to break $4.06-1/4. After the consolidation over the past two days, it may have accumulated enough bullish momentum to overcome this barrier and rise more.

A rise to $4.09 may confirm a break above $4.06-1/4 and the target at $4.18-1/4. Only a break below $3.99 could signal the continuation of a downward wave C towards $3.83-1/2.

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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.