October 25, 2024 12:38 GMT
ICE EUA FUTURES TECHS: (Z4) Holding On To Its Recent Gains
ICE EUA FUTURES TECHS
- 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: €67.57 - High Oct 25
- PRICE: €66.73 @ 13:27 BST Oct 25
- SUP 1: €63.98 - 20-day EMA
- 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 have traded sharply higher this week and the contract is trading just ahead of its recent highs. Price has cleared the 50-day EMA, at €65.36 and pierced resistance at €66.18, the Oct 14 high. A clear breach of this hurdle would highlight a possible reversal and open €69.10, a Fibonacci retracement point. Initial firm support has been defined at €61.29, the Oct 22 low.
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