We have been waiting for a breakout in EUA Futures for a while now, with the daily chart forming a consolidation ‘Triangle’. Our Reports identified 74.74 as a key level to watch out for as a Fibonacci Retracement of the sell-off from 16th January to 19th March of this year.
As recently as Friday, the Bulls defended that 74.74 level and broke out to 76.80 at market close (forming a Marabuzo Candle!). This has made way for further buying at the beginning of this week. The next upside target we are seeing is 81.94 (61.8% of the same retracement mentioned before). Another confirmation we are waiting to see is if it can break above the 200-day SMA, sitting around 78.70.
Let’s see if the Bulls can maintain this upward momentum.
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Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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