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ICE EUA FUTURES TECHS: (Z4) Trend Signals Bearish, But Resistance Just Above

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • 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: €67.02 - 200-DMA
  • PRICE: €65.39 @ 12:56 BST Sep 27
  • SUP 1: €62.39 - Low Sep 19  
  • 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 

ICE EUA futures remain in consolidation mode and the recent pause in the downtrend appears to be a flag - a bearish continuation pattern. The trend direction remains down. The recent breach of support at €64.24, the Jul 22 low and a bear trigger, strengthens a bearish theme and opens €61.40, a Fibonacci retracement point. Initial firm resistance is seen at €67.02, the 200-DMA. 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: €67.02 - 200-DMA
  • PRICE: €65.39 @ 12:56 BST Sep 27
  • SUP 1: €62.39 - Low Sep 19  
  • 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 

ICE EUA futures remain in consolidation mode and the recent pause in the downtrend appears to be a flag - a bearish continuation pattern. The trend direction remains down. The recent breach of support at €64.24, the Jul 22 low and a bear trigger, strengthens a bearish theme and opens €61.40, a Fibonacci retracement point. Initial firm resistance is seen at €67.02, the 200-DMA. A clear break of this hurdle would signal a possible reversal.