BEARISH CASE:<\/strong> BULLISH CASE:<\/strong> UKA Carbon<\/strong> Emissions<\/strong><\/p>\n\n\n\n BEARISH CASE<\/strong>: BULLISH CASE:<\/strong> In terms of our Technical Analysis for EUA Carbon, we identified 81.94<\/strong> as a important resistance level which is a 61.8% Fibonacci retracement of the sell-off from mid-January to mid-March this year. It has served as a highly reliable ceiling since late May, beautifully capping upside momentum and even providing the exact high of the day on 24th June.<\/p>\n\n\n\n We are currently seeing a potential ‘Double\/Triple Top’ that would signal a sell-off if we break below 78.31<\/strong> – target of 74.40<\/strong>, which lines up nicely with the next Fibonacci level under the 50% retracement at 74.97<\/strong> – lovely bit of symmetry!<\/p>\n\n\n\n While many currently rely on the 200-day SMA, and the psychological ‘80.00’ handle, it is important to get a full technical view of the market. The daily reports give traders an advantage every morning, providing a comprehensive run-down on what you might expect from price action. In our opinion, a highly valuable tool to have in your back pocket. <\/p>\n\n\n\n It remains to be seen how the market reacts to the upcoming legislation, but our analysis will continue to provide actionable and objective levels (like 81.94!<\/strong>) and commentary that cuts out the noise. If you believe you would benefit from this, please contact us and start a Free Trial today<\/a>. <\/p>\n\n\n\n
A break of 78.31 <\/strong>triggers a Double\/Triple Top sell signal with a \u201cmeasured move\u201d target of 74.35<\/strong>. We have a key Fibonacci support in front of that target at 74.95<\/strong>. If saw selling that failed to hold this strong area of support with a 74 <\/strong>handle the next downside target zone would be 70.00<\/strong>–43<\/strong>.\u00a0<\/p>\n<\/div>\n\n\n\n
A move above 81.94-82.28<\/strong> signals an end to the recent consolidation and says we can head to 84.84, 87.07, 91.76<\/strong> and 93.61-93.80.<\/strong> There really isn\u2019t much to reference above 82.28 until we get to 84.84<\/strong> so there\u2019s scope for a swift move if upside prevails.<\/p>\n<\/div>\n<\/div>\n\n\n\n
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A break below 54.41 <\/strong>would give us a Double Top sell signal. Like EUAs we can apply a \u201cmeasured move\u201d target to this. It is 47.83<\/strong>. Before we even worry 54.41 <\/strong>we have that uptrend line on our chart to reference. This is at 56.29 <\/strong>tomorrow. Fibonacci says 50.71 <\/strong>is a downside level to watch as well.<\/p>\n<\/div>\n\n\n\n
Clearly 60.83-61.00<\/strong> is strong resistance. A move above here says we can head to 66.20-60<\/strong> then 71.51 <\/strong>then 75.45<\/strong>, the latter being the year\u2019s high set back in January.<\/p>\n<\/div>\n<\/div>\n\n\n\n
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