Wednesday, August 10, 2011

Trade idea: adding a long position on a breakout above 11.60

Carbon prices still show strenght this morning, and continue to rise towards 11.60 EUR, level which we marked on our chart as possible resistance in this rally.
Breakout higher from here, if positively tested, could result in EUA trading towards 12.00 EUR. If not we may see a selling towards 11.10 EUR and staying witin the range.
So far, as seen on the small time scale chart, the attempts to break higher failed, which doesnt necesarily mean anything negative. A retracement below 11.30 may indicate an end of the short term rally.

Trade idea is to go long on a positive breakout above 11.60 EUR with a Stop Loss @ 11.20, possible profit target above 12.00 EUR

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