Wednesday, February 1, 2012

Market Update

Carbon prices have further advanced and broke 8.00 EUR for Dec12 contract - trading towards 8.20 EUR. Technical indicators (prices reaching upper Bollinger band plus RSI at or above 70 level) suggested an overbought market, hence we saw a correction from this year's heights.

Prices found a support around 7.70-7.75 EUR, much higher than we expected (we saw a support around 7.60 and 7.45) and breaking throught a pivot point of 7.95 EUR yesterday and today is trading around second expected resistance level of approx. 8.35 EUR.

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