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ICE EUA FUTURES TECHS: (Z4) Bullish Trend Structure

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €76.13 - 1.764 proj of the Oct 9 - 29 - Nov 6 price swing   
  • RES 3: €74.75 - High Aug 20 and a key resistance
  • RES 2  €72.21 - High Aug 28
  • RES 1: €71.54 - High Nov 25       
  • PRICE: €68.35 @ 13:24 GMT Dec 2
  • SUP 1: €66.83 -50-day EMA
  • SUP 2: €65.39/62.37 - Low Nov 8 / 6 and a key support
  • SUP 3: €61.29/59.95 - Low Oct 22 / 9 and the bear trigger
  • SUP 4: €59.69 - Low Apr 8 

A bullish theme in ICE EUA futures remains intact. The contract traded to a fresh trend high last Monday before facing some resistance. A fresh cycle high maintains the current sequence of higher highs and higher lows, signalling scope for a continuation of the trend. €71.26, 76.4% of the Aug 20 - Oct 9 bear leg, has been pierced. A clear break of it would open €74.74, the Aug 20 high. Initial firm support to watch is seen at €65.39, the Nov 13 low.

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  • RES 4: €76.13 - 1.764 proj of the Oct 9 - 29 - Nov 6 price swing   
  • RES 3: €74.75 - High Aug 20 and a key resistance
  • RES 2  €72.21 - High Aug 28
  • RES 1: €71.54 - High Nov 25       
  • PRICE: €68.35 @ 13:24 GMT Dec 2
  • SUP 1: €66.83 -50-day EMA
  • SUP 2: €65.39/62.37 - Low Nov 8 / 6 and a key support
  • SUP 3: €61.29/59.95 - Low Oct 22 / 9 and the bear trigger
  • SUP 4: €59.69 - Low Apr 8 

A bullish theme in ICE EUA futures remains intact. The contract traded to a fresh trend high last Monday before facing some resistance. A fresh cycle high maintains the current sequence of higher highs and higher lows, signalling scope for a continuation of the trend. €71.26, 76.4% of the Aug 20 - Oct 9 bear leg, has been pierced. A clear break of it would open €74.74, the Aug 20 high. Initial firm support to watch is seen at €65.39, the Nov 13 low.