The sharp price reversal in EUA Carbon Emissions from the May high sidelined earlier bulls. Finally interesting support has emerged from two adjacent Fibo levels, prompting a bounce.

  • WEEKLY CHART –CONTINUATION Following support from around the 10.45 76.4% retracement level, which saw a virtual key reversal week result, a recovery is in process. See Daily Chart for further support.
  • DAILY CHART –Dec-11: Earlier in Aug there was a clear rebound off our latest Fibo projection at 10.40, which coincides with the 76.4% level on the Weekly chart. Support here is not a surprise and, shorter term, we wait to see if a more lasting recovery can get underway. Note initial resistance comes from the current 38.2% rebound level at 13.28, ahead of the 13.90 Dec-10 low.

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