Tuesday, March 4, 2014

EUA Dec14: Head and shoulders?

After today's low of 6.38 euro a head and shoulders formation seems to appear in the EUA Dec14 chart.

  • installations - in preparation for back-loading - have built up their stockpiles already, 
  • the 2013 emissions data reflect something similar to RWE's FY results
we can see prices falling in the next month. The technical formation leads to a target price of 5.29 euro. Not exactly what we (and politicians) expected from back-loading.

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