The contract has found a support at $8.65, the 123.6% projection level of a downward wave C from $9.36-1/2. It has also climbed above a resistance at $8.70-1/4. The next resistance will be at $8.78-3/4.

A break below $8.70-1/4, now a support, may cause a fall into the range of $8.56-1/2 to $8.65. On the daily chart, a retracement analysis on the uptrend from $8.15-1/2 to $9.48 reveals a similar support at $8.66, the 61.8% level.

The support successfully stopped the fall and triggered a bounce again. It is not very clear at this stage how strong the current bounce will be. At least, it may extend to $8.81-3/4.

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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. 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. **