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ICE EUA FUTURES TECHS: (Z5) Double Top Reversal

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4: €88.55 - 1.382 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 3: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 2  €85.00 - Round number resistance 
  • RES 1: €84.50 - High Jan 30 and the bull trigger.       
  • PRICE: €78.40 @ 13:25 GMT Feb 13
  • SUP 1: €77.79 - Intraday low  
  • SUP 2: €76.71 - 50-day EMA
  • SUP 3: €71.55 - Low Sep 9
  • SUP 4: €67.36 - Low Dec 23

A bull cycle in ICE EUA futures remains intact, however, this week’s move lower highlights a corrective cycle. A double top pattern on the daily frequency, confirms a short-term top. Attention is on the next key support at €76.71, the 50-day EMA. A clear break of this average would highlight a stronger reversal and signal scope for a deeper retracement. Key resistance and the bull trigger is at €84.50, clearance of it would resume the uptrend.

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  • RES 4: €88.55 - 1.382 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 3: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 2  €85.00 - Round number resistance 
  • RES 1: €84.50 - High Jan 30 and the bull trigger.       
  • PRICE: €78.40 @ 13:25 GMT Feb 13
  • SUP 1: €77.79 - Intraday low  
  • SUP 2: €76.71 - 50-day EMA
  • SUP 3: €71.55 - Low Sep 9
  • SUP 4: €67.36 - Low Dec 23

A bull cycle in ICE EUA futures remains intact, however, this week’s move lower highlights a corrective cycle. A double top pattern on the daily frequency, confirms a short-term top. Attention is on the next key support at €76.71, the 50-day EMA. A clear break of this average would highlight a stronger reversal and signal scope for a deeper retracement. Key resistance and the bull trigger is at €84.50, clearance of it would resume the uptrend.