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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: €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      
  • PRICE: €83.50 @ 13:27 GMT Feb 10
  • SUP 1: €79.87 - 20-day EMA 
  • SUP 2: €76.05 - 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 and the latest pullback appears to have been a correction. Recent gains maintain the price sequence of higher highs and higher lows. Furthermore, moving average studies are in a bull-mode position highlighting a dominant uptrend. The focus is on a climb towards €86.75, the 1.236 projection of the Dec 17 - Jan 3 - Jan 9 price swing. A key short-term support lies at €79.87, the 20-day EMA.

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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      
  • PRICE: €83.50 @ 13:27 GMT Feb 10
  • SUP 1: €79.87 - 20-day EMA 
  • SUP 2: €76.05 - 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 and the latest pullback appears to have been a correction. Recent gains maintain the price sequence of higher highs and higher lows. Furthermore, moving average studies are in a bull-mode position highlighting a dominant uptrend. The focus is on a climb towards €86.75, the 1.236 projection of the Dec 17 - Jan 3 - Jan 9 price swing. A key short-term support lies at €79.87, the 20-day EMA.