Tuesday, March 27, 2012


After the EUA Dec12 price fell during the day to as low as 6.62, the market recovered very well towards the close and continues to climb. Most likely these are traders covering their short positions left open from yesterday.

Yesterday's recovery gave a bullish signal to the market. We broke this morning 7.15 which was a resistance in the last few days, and we might well go as high as 7.35 which is the upper band of the bearish tunnel. Break above 7.35 could encourage further rise perhaps even to 7.65.

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