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ICE EUA FUTURES TECHS: (Z4) Bull Cycle Remains In Play

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €71.26 - 76.4% retracement of the Aug 20 - Oct 9 bear leg 
  • RES 3: €70.44 - High Sep 3
  • RES 2: €69.10 - 61.8% retracement of the Aug 20 - Oct 9 bear leg
  • RES 1: €68.80 - High Nov 11     
  • PRICE: €67.13 @ 13:23 GMT Nov 12
  • SUP 1: €65.30/62.37 - 20-day EMA / Low Nov 6 
  • SUP 2: €61.29/59.95 - Low Oct 22 / 9 and the bear trigger
  • SUP 3: €59.69 - Low Apr 8
  • SUP 4: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle  

ICE EUA futures continue to find support and the contract is trading closer to its recent highs. Last Friday’s gains resulted in a print above key short-term resistance at €67.75, the Oct 29 high and a bull trigger - a positive development. This confirms a resumption of the bull cycle that started on Oct 9 and sights are on €69.10, a Fibonacci retracement point. Key support lies at €62.37, the Nov 6 low.

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  • RES 4: €71.26 - 76.4% retracement of the Aug 20 - Oct 9 bear leg 
  • RES 3: €70.44 - High Sep 3
  • RES 2: €69.10 - 61.8% retracement of the Aug 20 - Oct 9 bear leg
  • RES 1: €68.80 - High Nov 11     
  • PRICE: €67.13 @ 13:23 GMT Nov 12
  • SUP 1: €65.30/62.37 - 20-day EMA / Low Nov 6 
  • SUP 2: €61.29/59.95 - Low Oct 22 / 9 and the bear trigger
  • SUP 3: €59.69 - Low Apr 8
  • SUP 4: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle  

ICE EUA futures continue to find support and the contract is trading closer to its recent highs. Last Friday’s gains resulted in a print above key short-term resistance at €67.75, the Oct 29 high and a bull trigger - a positive development. This confirms a resumption of the bull cycle that started on Oct 9 and sights are on €69.10, a Fibonacci retracement point. Key support lies at €62.37, the Nov 6 low.