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ICE EUA FUTURES TECHS: (Z5) Bear Cycle Extension

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 3: €85.00 - Round number resistance
  • RES 2  €84.50 - High Jan 30 and the bull trigger
  • RES 1: €75.50/80.49 - 50-day EMA / High Feb 13
  • PRICE: €68.27 @ 13:45 GMT Mar 4 
  • SUP 1: €67.82 - Intraday low   
  • SUP 2: €64.05 - Low Dec 17 ‘24 and a key support 
  • SUP 3: €61.98 - Low Oct 9 ‘24 and a key medium-term support
  • SUP 4: €59.26 - Low Apr 3 ‘24 

A sharp sell-off today in ICE EUA futures confirms a resumption of the downtrend. The contract has traded through the final retracement point of the Dec 17 - Jan 30 bull leg - the 76.4% retracement at €68.88. This strengthens the current bearish theme and signals potential for a move towards the next key support at €64.05, the Dec 17 ‘24 low. On the upside, initial firm resistance to watch is €75.50, the 50-day EMA.

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  • RES 4: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 3: €85.00 - Round number resistance
  • RES 2  €84.50 - High Jan 30 and the bull trigger
  • RES 1: €75.50/80.49 - 50-day EMA / High Feb 13
  • PRICE: €68.27 @ 13:45 GMT Mar 4 
  • SUP 1: €67.82 - Intraday low   
  • SUP 2: €64.05 - Low Dec 17 ‘24 and a key support 
  • SUP 3: €61.98 - Low Oct 9 ‘24 and a key medium-term support
  • SUP 4: €59.26 - Low Apr 3 ‘24 

A sharp sell-off today in ICE EUA futures confirms a resumption of the downtrend. The contract has traded through the final retracement point of the Dec 17 - Jan 30 bull leg - the 76.4% retracement at €68.88. This strengthens the current bearish theme and signals potential for a move towards the next key support at €64.05, the Dec 17 ‘24 low. On the upside, initial firm resistance to watch is €75.50, the 50-day EMA.