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ICE EUA FUTURES TECHS: (Z5) Impulsive Bull Cycle

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: €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 2  €81.19 - High May 23 ‘24
  • RES 1: €80.95 - 0.764 proj of the Dec 17 - Jan 3 - Jan 9 price swing      
  • PRICE: €80.37 @ 13:23 GMT Jan 17
  • SUP 1: €77.20/73.76 - Low Jan 15 / 20-day EMA 
  • SUP 2: €71.41 - 50-day EMA
  • SUP 3: €67.36 - Low Dec 23 
  • SUP 4: €64.05 - Low Dec 17

A bull cycle in ICE EUA futures is intact and this week’s gains, plus today’s rally, reinforce current conditions. The contract has traded through €76.35, the Jan 3 high. The clear break of this level confirms a resumption of the bull cycle that started Oct 9 ‘24. The €80.00 handle has been breached and this opens €81.19, the May 23 ‘ 24 high. A key short-term support lies at €73.76, the 20-day EMA. A reversal would allow an overbought condition to unwind.

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  • RES 4: €86.75 - 1.236 proj of the Dec 17 - Jan 3 - Jan 9 price swing 
  • RES 3: €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 2  €81.19 - High May 23 ‘24
  • RES 1: €80.95 - 0.764 proj of the Dec 17 - Jan 3 - Jan 9 price swing      
  • PRICE: €80.37 @ 13:23 GMT Jan 17
  • SUP 1: €77.20/73.76 - Low Jan 15 / 20-day EMA 
  • SUP 2: €71.41 - 50-day EMA
  • SUP 3: €67.36 - Low Dec 23 
  • SUP 4: €64.05 - Low Dec 17

A bull cycle in ICE EUA futures is intact and this week’s gains, plus today’s rally, reinforce current conditions. The contract has traded through €76.35, the Jan 3 high. The clear break of this level confirms a resumption of the bull cycle that started Oct 9 ‘24. The €80.00 handle has been breached and this opens €81.19, the May 23 ‘ 24 high. A key short-term support lies at €73.76, the 20-day EMA. A reversal would allow an overbought condition to unwind.