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ICE EUA FUTURES TECHS: (Z4) Key Support Remains Exposed

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.64/67.26 - 20 and 50-day EMA values
  • PRICE: €62.92 @ 13:29 BST Oct 2
  • SUP 1: €62.39 - Low Sep 19 and the bear trigger  
  • SUP 2: €62.29 - Low Apr 10
  • SUP 3: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €59.69 - Low Apr 8 

The recovery between Sep 19 - 30 in ICE EUA futures appears to have been a correction and price remains below a key near-term resistance at €67.26, the 50-day EMA. A clear break of this average is required to highlight a stronger short-term reversal. Trend conditions remain bearish, the sell-off this week exposes €62.39, the Sep 19 low and bear trigger. A break of this level would resume the downtrend.

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  • RES 4: €72.21 - High Aug 28 
  • RES 3: €70.03 - 61.8% retracement of the Aug 20 - Sep 19 bear leg
  • RES 2: €68.57 - 50.0% retracement of the Aug 20 - Sep 19 bear leg    
  • RES 1: €65.64/67.26 - 20 and 50-day EMA values
  • PRICE: €62.92 @ 13:29 BST Oct 2
  • SUP 1: €62.39 - Low Sep 19 and the bear trigger  
  • SUP 2: €62.29 - Low Apr 10
  • SUP 3: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €59.69 - Low Apr 8 

The recovery between Sep 19 - 30 in ICE EUA futures appears to have been a correction and price remains below a key near-term resistance at €67.26, the 50-day EMA. A clear break of this average is required to highlight a stronger short-term reversal. Trend conditions remain bearish, the sell-off this week exposes €62.39, the Sep 19 low and bear trigger. A break of this level would resume the downtrend.