We have set a weaker tone for EUA Carbon Emissions this week and on Tuesday broke the 100 day Moving Average (the blue line on our chart, at 21.60), a line that had been holding on pullbacks since the start of the year. This prompted an instant reaction, dropping down to a low today (so far!) of 19.45 where
The weekly chart for API2
Coal would give a BIG sell signal today IF we close below 78.53.
A close below 78.53 tonight give us a “Head and Shoulders”
sell signal on the Weekly (below).
The next downside targets would be 72.94 (38.2% Fib’ of the Feb ’16