Wednesday, April 4, 2012

Carbon Market after the emissions data are published

After the emissions data were published and turned out to be lower than expected, bears took the upper hand and pushed the priced to as low as 6.05 euro. There weren't any significant signals in those times, apart from one - once it broke below 7.00 euro you should have joined the slide and sell.

Yesterday recovery from the lows gave some support. Today we had an gap between todays opening and yesterday closing price - which market always tends to close, so we went long from 6.40 to 6.55 euro (judging from the Fibonacci levels).

6.55 seems to be resistance for now, but on the other hand 6.30ish gives some support. Next supports @ 6.20 and @ 6.05 all time low for now. Failure to break above 6.55 could signal continuation of the bearish moves. 6.20 should be the trigger now.