Thursday, October 6, 2011

Opening Bell

Carbon bounced back off its lows this week and we could see a tradable short-term break out.

However, the last night announcement by EIB that it could start auctioning Phase III EUA from the NER300 reserve as early as mid-November and todays EUA auction by the UK government has somewhat limited the upward trend.

Looking at the bigger picture (1hr chart), the price failed to break the trend-line. If the price forms a new higher low today, we might see another break-out attempt.

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