Thursday, October 25, 2012
Ascending triangle, 7.50 support tested
Carbon price is moving sideways for a long time now, narrowing the gap between highs and lows, forming some kind of an ascending triangle pattern. Still it faces strong resistance @ around 8.50 levels, which was attacked already 3 times since June.
Today we shall see a support of 7.50 euro to be tested. If it is held, we could the price appreciating again to break short term DMAs, which meet very close to each other @ around 7.80 euro
Fundamentally, the upcoming auctions of EUAs Phase III could also significantly influence the development of the carbon price.