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ICE EUA FUTURES TECHS: (Z5) Northbound

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  €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 1: €82.00 - High Jan 23       
  • PRICE: €80.30 @ 13:32 GMT Jan 24
  • SUP 1: €77.90/76.17 - Low Jan 21 / 20-day EMA 
  • SUP 2: €72.95 - 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 the contract has traded higher this week. The rally confirms a resumption of the trend and maintains the price sequence of higher highs and higher lows. The €80.00 handle has been breached and this opens €83.85, the 1.00 projection of the Dec 17 - Jan 3 - Jan 9 price swing. A key short-term support lies at €76.17, the 20-day EMA. Initial support is at €77.90, the Jan 21 high.

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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  €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing
  • RES 1: €82.00 - High Jan 23       
  • PRICE: €80.30 @ 13:32 GMT Jan 24
  • SUP 1: €77.90/76.17 - Low Jan 21 / 20-day EMA 
  • SUP 2: €72.95 - 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 the contract has traded higher this week. The rally confirms a resumption of the trend and maintains the price sequence of higher highs and higher lows. The €80.00 handle has been breached and this opens €83.85, the 1.00 projection of the Dec 17 - Jan 3 - Jan 9 price swing. A key short-term support lies at €76.17, the 20-day EMA. Initial support is at €77.90, the Jan 21 high.