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ICE EUA FUTURES TECHS: (Z4) Sights Are On The Bear Trigger

ICE EUA FUTURES TECHS
Energy BulletsBulletPower BulletsEnergy Technical AnalysisCommodities
  • RES 4: €74.75 - High Aug 20 and key resistance 
  • RES 3: €72.21 - High Aug 28
  • RES 2: €70.99 - High Sep 2  
  • RES 1: €67.18/69.40 - High Sep 10 / 50-day EMA      
  • PRICE: €65.17 @ 13:17 BST Sep 11
  • SUP 1: €64.71 - Intraday low 
  • SUP 2: €64.24 - Low Jul 22 and the bear trigger
  • SUP 3: €62.29 - Low Apr 10 
  • SUP 4: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle 

ICE EUA futures are trading lower this week, extending the bear cycle that started Aug 20. The break lower exposes the next key support at €64.24, the Jul 22 low and a bear trigger. Clearance of this level would strengthen a bearish theme and open €61.40, a Fibonacci retracement point. On the upside, initial firm resistance is seen at €69.40, the 50-day EMA. A break of this EMA is required to signal a possible reversal.

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  • RES 4: €74.75 - High Aug 20 and key resistance 
  • RES 3: €72.21 - High Aug 28
  • RES 2: €70.99 - High Sep 2  
  • RES 1: €67.18/69.40 - High Sep 10 / 50-day EMA      
  • PRICE: €65.17 @ 13:17 BST Sep 11
  • SUP 1: €64.71 - Intraday low 
  • SUP 2: €64.24 - Low Jul 22 and the bear trigger
  • SUP 3: €62.29 - Low Apr 10 
  • SUP 4: €61.40 - 61.8% retracement of the Feb 23 - May 23 bull cycle 

ICE EUA futures are trading lower this week, extending the bear cycle that started Aug 20. The break lower exposes the next key support at €64.24, the Jul 22 low and a bear trigger. Clearance of this level would strengthen a bearish theme and open €61.40, a Fibonacci retracement point. On the upside, initial firm resistance is seen at €69.40, the 50-day EMA. A break of this EMA is required to signal a possible reversal.