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ICE EUA FUTURES TECHS: (Z4) Bear Cycle Still In Play

ICE EUA FUTURES TECHS
  • RES 4: €78.10 - High May 23 and key resistance 
  • RES 3: €74.83 - 76.4% retracement of the May 23 - Jul 22 bear leg
  • RES 2: €72.21/74.75 - High Aug 28 / 20 and a bull trigger
  • RES 1: €69.99 - 50-day EMA      
  • PRICE: €66.99 @ 13:21 BST Sep 4
  • SUP 1: €66.46 - Low Jul 25 
  • SUP 2: €65.55 - Low Jul 24
  • SUP 3: €64.24 - Low Jul 22 and the bear trigger 
  • SUP 4: €62.29 - Low Apr 10 

A corrective cycle in ICE EUA futures remains intact and the contract has again traded lower today. Price has breached the 20- and 50-day EMAs, signalling potential for a continuation. The next support is €65.55, Jul 25 low, where a break would expose a more important support at €64.24, Jul 22 low. For bulls, a reversal higher and a break of €72.21, the Aug 28 high, would signal the end of the correction. Initial resistance is €69.99, the 50-day EMA.

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