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(Z4) Resistance Remains Exposed

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: €71.95 - High Jul 3 and key short-term resistance
  • PRICE: €70.16 @ 14:54 BST Aug 6
  • SUP 1: €66.60 - Low Jul 25
  • SUP 2: €64.24 - Low Jul 22 and the bear trigger
  • SUP 3: €62.29 - Low Apr 10
  • SUP 4: €56.90 - Low Apr 3
Near-term resistance in ICE EUA futures remains exposed. The level to watch is €71.95, the Jul 3 high and key short-term hurdle for bulls. A break of this level would signal scope for an extension of the recovery that started Jul 22. This would pave the way for a climb towards €78.83, a Fibonacci retracement. On the downside, key support has been defined at €64.24, the Jul 22 low and bear trigger. A break would reinstate a bearish theme.

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