Thursday, March 8, 2012

Moderate bullish

Market drop was halted at a support of 8.45 euro on Tuesday and the market moved sideways ahead of today events. (1) UK auction of 3.5m EUAs, (2) Greek debt swap agreement.

Having adjusted the trendline with the recent 8.45 euro support (it is slightly less steep now), the prices continue to ride along it. Worth noticing is the gap between Monday closing and Tuesday opening, which the market may want to close.

Given the recent strong support @ 8.45 euro and bullish yesterday closing, we are moderate bulls today with a target for price @ 8.85 - 8.90 euro.

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