Tuesday, February 21, 2012

(Not) so bearish ?

After a quite bearish ending of yesterday session (long red closing candle and close below 8.90). The market seems to be testing the previous support of 8.90 euro as today's resistance level (trading at 9.00 euro for a short time), bouncing of 8.75 euro (much higher than our expected support of approx 8.50 euro for today).














It's not a "game over" yet for today. Carbon can continue to climb along the trend line and eventually break out to the upside from the triangle it found itself now - however I would be more bearish than bullish today and see the risk to the downside.

Keep in mind allocation are happening accross EU this and next week. There can be certain supply entering the market soon.

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