The support is provided by the 100% projection level of a downward wave (c) from $4.24-1/2, a break below which could cause a fall to $3.47.

It is not very clear if the (c) would end around $3.57 or extend to $3.31. Generally, the 100% projection level works as a strong support. At least, a bounce towards $3.66 is likely.

On the daily chart, the contract broke the support at $3.63-3/4, the May 13 low. It is pulling back towards this level.

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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. **