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ICE EUA FUTURES TECHS: (Z4) Bearish Trend Sequence

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis

   

  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.71 - 50-day EMA
  • RES 2: €64.81 - 20 day EMA   
  • RES 1: €62.39 - Low Sep 19 
  • PRICE: €60.31 @ 13:27 BST Oct 7
  • SUP 1: €60.00 - Psychological round number 
  • SUP 2: €59.69 - Low Apr 8
  • SUP 3: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €56.90 - Low Apr 3

The trend direction in ICE EUA futures is down and last week’s sell-off reinforces this theme. Price is again trading down, today. The contract has breached support at €62.39, the Sep 19 low and a bear trigger. A clear break confirms a resumption of the downtrend and opens the €60.00 handle next. Moving average studies are in a bear-mode position, highlighting a clear downtrend. Initial firm resistance is at 64.81, the 20-day EMA. 

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  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.71 - 50-day EMA
  • RES 2: €64.81 - 20 day EMA   
  • RES 1: €62.39 - Low Sep 19 
  • PRICE: €60.31 @ 13:27 BST Oct 7
  • SUP 1: €60.00 - Psychological round number 
  • SUP 2: €59.69 - Low Apr 8
  • SUP 3: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €56.90 - Low Apr 3

The trend direction in ICE EUA futures is down and last week’s sell-off reinforces this theme. Price is again trading down, today. The contract has breached support at €62.39, the Sep 19 low and a bear trigger. A clear break confirms a resumption of the downtrend and opens the €60.00 handle next. Moving average studies are in a bear-mode position, highlighting a clear downtrend. Initial firm resistance is at 64.81, the 20-day EMA.