MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1896 Tues; -1.71% Y/Y

CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

ICE EUA FUTURES TECHS: (Z4) Resistance Remains Intact For Now 

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: €67.48 - 50-day EMA
  • PRICE: €65.43 @ 13:33 BST Sep 30
  • SUP 1: €63.65/62.39 - Low Sep 25 / 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 

ICE EUA futures are holding on to the bulk of their recent gains. The latest recovery appears to be a correction and price remains below a key near-term resistance at  €67.48, the 50-day EMA. A clear break of this average is required to highlight a stronger short-term reversal. Trend conditions remain bearish, a move lower would refocus attention on €62.39, the Sep 19 low and bear trigger. A break of this level resumes the downtrend. 

162 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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: €67.48 - 50-day EMA
  • PRICE: €65.43 @ 13:33 BST Sep 30
  • SUP 1: €63.65/62.39 - Low Sep 25 / 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 

ICE EUA futures are holding on to the bulk of their recent gains. The latest recovery appears to be a correction and price remains below a key near-term resistance at  €67.48, the 50-day EMA. A clear break of this average is required to highlight a stronger short-term reversal. Trend conditions remain bearish, a move lower would refocus attention on €62.39, the Sep 19 low and bear trigger. A break of this level resumes the downtrend.