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

ICE EUA FUTURES TECHS
  • RES 4: €80.00 - Psychological round number  
  • RES 3: €78.10 - High May 23 and key resistance  
  • RES 2: €74.83 - 76.4% retracement of the May 23 - Jul 22 bear leg  
  • RES 1: €72.37/74.75 - High Aug 23 / 20       
  • PRICE: €70.81 @ 13:19 BST Aug 30
  • SUP 1: €70.18/08 - 50-day EMA values / Intraday low 
  • SUP 2: €67.85 - Low Aug 5
  • SUP 3: €64.24 - Low Jul 22 and the bear trigger 
  • SUP 4: €62.29 - Low Apr 10 

A bullish theme in ICE EUA futures is intact and the latest pullback appears to be a correction. The contract recently cleared an important resistance at €71.95, Jul 3 high. The move signals scope for €74.83, a Fibonacci retracement. Clearance of this level would open €78.10, May 23 high and a key resistance. Support to watch is the 50-day EMA, at $70.18. A clear break of it would undermine the bull theme and expose €67.85, Aug 5 low.

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