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ICE EUA FUTURES TECHS: (Z4) Near-Term Momentum Shift

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.39 - 200-dma   
  • RES 2: €66.07 - 50-day EMA
  • RES 1: €64.88 - High Oct 10 
  • PRICE: €64.72 @ 14:44 BST Oct 11
  • SUP 1: €62.04 - Low Oct 10
  • SUP 2: €59.69 - Low Apr 8
  • SUP 3: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €56.90 - Low Apr 3

Markets have undergone a near-term momentum shift in ICE EUA Futures, evident in the break above the 20-day EMA of €63.92 Thursday. A confirmed close above this level could indicate a near-term pause in the broader downtrend, initially targeting the 200-dma and late September highs of €66.39 - 66.97. A clear break below the Oct09 low, however, confirms a resumption of the downtrend and signals scope for an extension below €60.00. 

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  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.39 - 200-dma   
  • RES 2: €66.07 - 50-day EMA
  • RES 1: €64.88 - High Oct 10 
  • PRICE: €64.72 @ 14:44 BST Oct 11
  • SUP 1: €62.04 - Low Oct 10
  • SUP 2: €59.69 - Low Apr 8
  • SUP 3: €57.46 - 76.4% retracement of the Feb 23 - May 23 bull cycle
  • SUP 4: €56.90 - Low Apr 3

Markets have undergone a near-term momentum shift in ICE EUA Futures, evident in the break above the 20-day EMA of €63.92 Thursday. A confirmed close above this level could indicate a near-term pause in the broader downtrend, initially targeting the 200-dma and late September highs of €66.39 - 66.97. A clear break below the Oct09 low, however, confirms a resumption of the downtrend and signals scope for an extension below €60.00.