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ICE EUA FUTURES TECHS: (Z4) Southbound

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: €65.94/67.55 - High Sep 13 / 50-day EMA      
  • PRICE: €64.12 @ 13:25 BST Sep 17
  • SUP 1: €62.45 - Intraday low  
  • 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 

A bearish theme in ICE EUA futures remains intact and the contract has traded to another fresh trend low, today, before recovering. Monday’s  sell-off resulted in a breach of support at €64.24, the Jul 22 low and a bear trigger. The break opens €61.40, a Fibonacci retracement point. On the upside, initial firm resistance is seen at €68.74, the 50-day EMA. A clear break of this hurdle would 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: €65.94/67.55 - High Sep 13 / 50-day EMA      
  • PRICE: €64.12 @ 13:25 BST Sep 17
  • SUP 1: €62.45 - Intraday low  
  • 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 

A bearish theme in ICE EUA futures remains intact and the contract has traded to another fresh trend low, today, before recovering. Monday’s  sell-off resulted in a breach of support at €64.24, the Jul 22 low and a bear trigger. The break opens €61.40, a Fibonacci retracement point. On the upside, initial firm resistance is seen at €68.74, the 50-day EMA. A clear break of this hurdle would signal a possible reversal.