Wednesday, February 15, 2012

Pull back and shoot up again

We didn't have to wait long to see the correction. The price didnt manage to climb above 9.00 EUR. It went back down some 1.20 EUR to find a support around 7.60 EUR. 7.63 EUR was a Fibonacci support level; please also mind that this level was marked on the previous ilustration as a possible support.

We saw quite positive rally yesterday, and we expected this to continue today at least towards 8.47 - 8.52 EUR, but the rally was capped just below 8.40.

We are now at 8.27, which yet another Fibonacci level - which can be now either support or resistance. Carbon continues to climb along a trend line, which makes us think the 8.27 will act as a support.

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