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ICE EUA FUTURES TECHS: (Z4) Trend Needle Points South

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.27 - 50-day EMA
  • RES 2: €64.12 - 20 day EMA   
  • RES 1: €62.39 - Low Sep 19 
  • PRICE: €61.86 @ 13:30 BST Oct 9
  • SUP 1: €59.95 - Intraday low  
  • 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

The trend direction in ICE EUA futures remains down and last week’s sell-off plus this week’s fresh trend low, reinforces this theme. Price has breached support at €62.39, the Sep 19 low and a recent bear trigger. A clear break confirms a resumption of the downtrend and signals scope for an extension below €60.00. Moving average studies are in a bear-mode position, highlighting a downtrend. Initial firm resistance is 64.12, the 20-day EMA.

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  • RES 4: €66.97 - High Sep 30 and key resistance 
  • RES 3: €66.27 - 50-day EMA
  • RES 2: €64.12 - 20 day EMA   
  • RES 1: €62.39 - Low Sep 19 
  • PRICE: €61.86 @ 13:30 BST Oct 9
  • SUP 1: €59.95 - Intraday low  
  • 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

The trend direction in ICE EUA futures remains down and last week’s sell-off plus this week’s fresh trend low, reinforces this theme. Price has breached support at €62.39, the Sep 19 low and a recent bear trigger. A clear break confirms a resumption of the downtrend and signals scope for an extension below €60.00. Moving average studies are in a bear-mode position, highlighting a downtrend. Initial firm resistance is 64.12, the 20-day EMA.