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ICE EUA FUTURES TECHS: (Z4) Tests The 50-Day EMA

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €70.44 - High Sep 3 
  • RES 3: €69.10 - 61.8% retracement of the Aug 20 - Oct 9 bear leg    
  • RES 2: €66.97 - High Sep 30 and key resistance
  • RES 1: €66.00/18 - 50-day EMA / High Oct 14  
  • PRICE: €65.10 @ 13:26 BST Oct 15
  • SUP 1: €62.04/59.95 - Low Oct 10 / 9 and the bear trigger 
  • 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

ICE EUA futures traded higher Monday, marking a resumption of the rally that started Oct 9. The contract has traded through the 20-day EMA and pierced resistance at  €66.00, the 50-day EMA. Gains are considered corrective - for now - and the bearish trend theme remains in. However, a clear break of the 50-day EMA, would alter the picture. A resumption of bearish price action would refocus attention on €59.95, the Oct 9 low and the bear trigger.

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  • RES 4: €70.44 - High Sep 3 
  • RES 3: €69.10 - 61.8% retracement of the Aug 20 - Oct 9 bear leg    
  • RES 2: €66.97 - High Sep 30 and key resistance
  • RES 1: €66.00/18 - 50-day EMA / High Oct 14  
  • PRICE: €65.10 @ 13:26 BST Oct 15
  • SUP 1: €62.04/59.95 - Low Oct 10 / 9 and the bear trigger 
  • 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

ICE EUA futures traded higher Monday, marking a resumption of the rally that started Oct 9. The contract has traded through the 20-day EMA and pierced resistance at  €66.00, the 50-day EMA. Gains are considered corrective - for now - and the bearish trend theme remains in. However, a clear break of the 50-day EMA, would alter the picture. A resumption of bearish price action would refocus attention on €59.95, the Oct 9 low and the bear trigger.