Thursday, February 23, 2012

Double Top

Carbon had a strong finish on Tuesday and was well supportted also yesterday at 9.20 euro. This was only broken towards the end of the session. Again, a red closing candle put us into bearish sentiment.

Prices failed to broke above 9.50 euro for a second time within a week - chart seems to be closing a double top formation which usually signals downward direction for prices.

At the moment carbon stays around 9.00 euro, supported by the trend line. Range for today is 8.70 (most recent lows) - 9.20 (yesterday's broken support).

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