Monday, December 22, 2014

EUA Dec15: Christmas consolidation after rally

The candles from Monday and the Friday before formed a bullish engulfing. In addition the price closed above the 30DMA, for the first time for seven days. The positive momentum persisted until Wednesday when the price hit a new weekly high at 7.19 euro. This level was retested on Friday, but in the last two trading days the price moved in a narrow range of 13 cents. Volume was lower than the December average as most of the traders are preparing for Christmas already.

The 20 and 30DMAs met at the 7.00 euro level this morning.

The MACD crossed the signal line on Friday reinforcing the positive momentum although further gains might be limited by the low interest before the holidays.

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