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Bullish Green Shoots in EUA Carbon Emissions

Commodities / Commodities Trading Apr 23, 2010 - 08:31 AM GMT

By: Seven_Days_Ahead

Commodities

For the best part of a year a consolidation pattern has been unfolding in the EUA (ICE ECX) contract, activity quietening down notably this year. Bears have proved unable to drive the market below key support and, now, an interesting upside break is in process.


The Commodity Specialist view


WEEKLY CHART - CONTINUATION:

The multi-month consolidation is changing character – early signs of a break upward are visible now.

The 38.2% recovery level remains first key resistance on this long term chart – a break above this and we can start calculating higher targets.

DAILY CHART – DEC-10:

Earlier in 2010 the key 50% retracement came under pressure more than once – bears were expected to win the battle but in the end they lacked the will.

In the Commodity Specialist Guide we have been keeping an eye on first key resistance around a small 76.4% bounce level and falling resistance line. This has now broken, providing an initial bull signal/ trigger.

A further move beyond the 15.17 08-Dec high would violate the previous pattern of falling highs and lows. Also note the bull channel top

projection around the same level, offering temporary resistance. Supports are offered by prior 14.04/13.60 highs – at this stage buyers on reasonable dips will ideally favour stops just below the 12.59 25-Mar low.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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