Monday, May 19, 2014

EUA Dec14: Left the range for the downside

Contrary to the week before, last week’s volumes were again at more or less “normal” levels. Monday’s and Thursday’s candles still kept the hope alive that the EUA Dec14 can stay above the 200DMA. For a short time the price broke even the 20DMA hitting a weekly high of 5.45 euro. Wednesday afternoon however sellers took over the trading floor and pushed the price below all moving averages. The 38.2% Fibonacci retracement level kept the EUA Dec14 from falling further and the price closed at 5.16 euro, just one cent above the daily low. Bears collected even more power during night and pushed the price below the Fibonacci level and the psychological level of 5 euro on Thursday. The EUA Dec14 fell to 4.72 euro, a level not seen since the beginning of April.

The MACD turned down deeper into the negative territory and RSI fell to 33, close to oversold territory which starts from 30.

In the lack of buyers the price can test support levels at 4.58 euro (23.6% Fibonacci level), 4.03 euro (local low from end of March) and 3.71 euro (2014 low hit 28th of March). 

Should buyers reappear in the market, the first resistance level to break is near 5 euro. After this the former support level at 5.12 euro waits for the price. 


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