- January 22, 2026
- Posted by: EWGFX
- Category: news
The contract is riding on a wave c, which may either complete around resistance at $61.17 or extend into a range of $61.91 to $62.37.
A retracement analysis on the uptrend from $54.98 to $62.38 reveals a break above the 23.6% level of $60.64. The break opened the way towards $61.30.
Once the contract rises to $61.30, it is likely to extend gains into $61.91 to $62.37 range. Immediate support is at $60.44, a break below which could trigger a drop to $59.98.
On the daily chart, the drop from $62.36 is classified as a pullback towards a falling channel. Given that the market has broken above resistance at $60.19, the pullback is considered over.
The contract may retest resistance at $62.28, a break above which could open the way towards $63.97 to $65.65 range.
