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ICE EUA FUTURES TECHS: (Z4) Bearish Trend Condition

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.35/67.08 - 20 and 50-day EMA values
  • PRICE: €62.55 @ 13:14 BST Oct 3
  • SUP 1: €62.05 - Intraday low   
  • SUP 2: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle
  • SUP 3: €60.00 - Psychological round number
  • SUP 4: €59.69 - Low Apr 8 

The recovery between Sep 19 - 30 in ICE EUA futures has been a correction and this week’s bearish price action reinforces this theme. Today’s move lower has delivered a print below 62.39, the Sep 19 low and a key support. A clear break would confirm a resumption of the downtrend and open €61.40, a Fibonacci retracement. Further out scope is seen for a move towards €60.00. Initial resistance is at 65.35, the 20-day EMA.

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  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.35/67.08 - 20 and 50-day EMA values
  • PRICE: €62.55 @ 13:14 BST Oct 3
  • SUP 1: €62.05 - Intraday low   
  • SUP 2: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle
  • SUP 3: €60.00 - Psychological round number
  • SUP 4: €59.69 - Low Apr 8 

The recovery between Sep 19 - 30 in ICE EUA futures has been a correction and this week’s bearish price action reinforces this theme. Today’s move lower has delivered a print below 62.39, the Sep 19 low and a key support. A clear break would confirm a resumption of the downtrend and open €61.40, a Fibonacci retracement. Further out scope is seen for a move towards €60.00. Initial resistance is at 65.35, the 20-day EMA.