My timeline on LinkedIn has been chock-full of previews/reviews and analysis of Friday’s EU review of the ETS.
So a major (flagged in advance) fundamental “moment” for the market and everyone was ready. We even put out a note to clients last week RE the key levels and the chart posture going into it. (see here)
In that we said that a move through 81.94 and 82.28 would trigger gains to 84.84 then 87.07 and beyond.
We started this week with a move through 82.28 on Monday but yesterday’s price action was also telling. We posted a red candle. What was the low? It was 82.26. So former resistance turned support. Bullish price action. This morning we have hit the first target at 84.84 and have an 85 handle as I write…
So while the talking heads do their thing this is behaving really nicely price-wise (in favour of the bulls) and is certainly not on a road to nowhere (see what I did there?).
This is textbook technical price action. Carbon is a market that has always respected it quite well. Now is the oppourtune time to see if Technical Analysis can help aid your trading decisions. Our objective and high-conviction levels are relied upon by the biggest names in Energy trading across Europe and the globe.
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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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