While EUA Carbon wrestles with resistance at 74.74, UKAs have caught a bid this week, as called in our weekly report on Monday. Here is what we wrote:
Candlestick Chart Technical Analysis
Short term Trend: Neutral – Bullish
Medium term Trend: Bearish
Summary of recent price action: Last week saw weakness back to 40.26 on Tuesday where buyers stepped in, then a stronger open on Wednesday.
Last week’s thoughts:
“A move through 40.75 gives a buy signal and suggests we can head to 47.17 the 49.86. The last few weeks look a bit like a Head and Shoulders bottom. Will we get the buy signal?!“
This week:
“41.90 was Tuesday’s high and we more or less held this as support after Wednesday’s stronger open so that’s something for the bulls. Can they build on this and give us a move to 49.86? That would be my call.“
This is a market that we only cover in the Weekly edition of our reports.
The Weekly Report is where we give ‘bigger picture’ insights into what the markets are telling us. Helping to shape longer-term trading decisions. If you would like to see the full version of the Weekly Report, get in touch and we will send you a sample.
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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