The support is identified as the 114.6pc projection level of a downtrend from $9.36-1/2. The trend is a part of five-wave cycle from the June 17 high of $9.48.

So far, only four waves have unfolded. The fifth wave labelled E is travelling towards a range of $8.34-1/2 to $8.43, as pointed by a falling trendline.

Resistance is at $8.78-3/4, a break above which could lead to a gain into the zone of $8.86-1/2 to $8.92-1/4.

On the daily chart, the contract is falling towards $8.66, the 61.8pc retracement on the uptrend from $8.15-1/2 to $9.48. A break below $8.66 could open the way towards $8.46-3/4.

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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.

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