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ICE EUA FUTURES TECHS: (Z5) Trend Needle Points North

ICE EUA FUTURES TECHS
Commodities TechCommoditiesEnergy BulletsBulletPower BulletsEnergy Technical Analysis
  • RES 4:  €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing  
  • RES 3: €81.19 - High May 23 ‘24
  • RES 2  €80.00 - Round number resistance
  • RES 1: €78.95 - High Jan 15       
  • PRICE: €77.85 @ 13:26 GMT Jan 16
  • SUP 1: €73.28 - 20-day EMA 
  • SUP 2: €71.13 - 50-day EMA
  • SUP 3: €67.36 - Low Dec 23 
  • SUP 4: €64.05 - Low Dec 17

A bull cycle in ICE EUA futures remains intact and this week’s gains 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. Sights are on the €80.00 handle next. A key short-term support lies at €73.28, the 20-day EMA. A short-term reversal would allow an overbought condition to unwind.

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  • RES 4:  €83.85 - 1.00 proj of the Dec 17 - Jan 3 - Jan 9 price swing  
  • RES 3: €81.19 - High May 23 ‘24
  • RES 2  €80.00 - Round number resistance
  • RES 1: €78.95 - High Jan 15       
  • PRICE: €77.85 @ 13:26 GMT Jan 16
  • SUP 1: €73.28 - 20-day EMA 
  • SUP 2: €71.13 - 50-day EMA
  • SUP 3: €67.36 - Low Dec 23 
  • SUP 4: €64.05 - Low Dec 17

A bull cycle in ICE EUA futures remains intact and this week’s gains 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. Sights are on the €80.00 handle next. A key short-term support lies at €73.28, the 20-day EMA. A short-term reversal would allow an overbought condition to unwind.