Friday, November 15, 2013

Looking for direction

Carbon price has change a little since the beginning of the week. There wasnt too much of action and it seemed that day traders dominated the place. Narrow daily range of prices (10 eurocents), lack of direction - doji candles, relatively strong resistance from 100, 20 and 30 DMAs (4.70, 4.72 and 4.79 respectively) kept most of the buyers away. Many are looking towards any signs of first sales from NER300 programme by the EIB, to determine their short-term future behaviour.

Market seems to have support @ 4.40-4.50. 4.40 is now the 200 DMA and 4.50 seems like psychology of the market.

Additionally it cannot go unnoticed that recently every upward correction failed to break above the level of its downward counterpart – compare with chart.

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