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ICE EUA FUTURES TECHS: (Z4) Corrective Cycle Extends 

ICE EUA FUTURES TECHS
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  • RES 4: €80.00 - Psychological round number  
  • RES 3: €78.10 - High May 23 and key resistance  
  • RES 2: €74.83 - 76.4% retracement of the May 23 - Jul 22 bear leg  
  • RES 1: €72.21/74.75 - High Aug 28 / 20 and a bull trigger        
  • PRICE: €68.74 @ 13:25 BST Sep 3
  • SUP 1: €68.64 - Intraday low 
  • SUP 2: €67.85 - Low Aug 5
  • SUP 3: €64.24 - Low Jul 22 and the bear trigger 
  • SUP 4: €62.29 - Low Apr 10 

A bullish theme in ICE EUA futures remains intact, however, a corrective cycle is in play and the contract is lower today. Price has traded through both the 20- and 50-day EMAs and this signals potential for an extension. The next support lies at €67.85, the Aug 5 low, where a break would expose a more important support at €64.24, the Jul 22 low. A reversal higher and a break of  €72.21, the Aug 28 high, would signal the end of the correction.

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  • RES 4: €80.00 - Psychological round number  
  • RES 3: €78.10 - High May 23 and key resistance  
  • RES 2: €74.83 - 76.4% retracement of the May 23 - Jul 22 bear leg  
  • RES 1: €72.21/74.75 - High Aug 28 / 20 and a bull trigger        
  • PRICE: €68.74 @ 13:25 BST Sep 3
  • SUP 1: €68.64 - Intraday low 
  • SUP 2: €67.85 - Low Aug 5
  • SUP 3: €64.24 - Low Jul 22 and the bear trigger 
  • SUP 4: €62.29 - Low Apr 10 

A bullish theme in ICE EUA futures remains intact, however, a corrective cycle is in play and the contract is lower today. Price has traded through both the 20- and 50-day EMAs and this signals potential for an extension. The next support lies at €67.85, the Aug 5 low, where a break would expose a more important support at €64.24, the Jul 22 low. A reversal higher and a break of  €72.21, the Aug 28 high, would signal the end of the correction.