Tuesday, September 4, 2012
EUA continues to rise - two signals to go long
After rebouncing from a support at recent low of ~7.55 (double bottom) price quickly appreciated. We had one buying signal on the break out from 7.80 and the other @ 8.20 - although on the second one we did not add to the long position - despite the high volume on that candle (see chart below) becasue it is again very close to most recent high 8.46 which could not be broken last time.
Shoudl the price test the breakout from 8.20, you may consider adding to the long. Otherwise if it corrects to reach level of 8.10 we would exit the position with some profit.