Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stock Market Tarrified as President Dump Risks Turning Recession into Stagflationary Depression - 21st April 25
President Dump Delivers BEAR MARKET - Stock Market Battles Between Order and Chaos - 7th April 25
Stocks Bull Market End Game Bear Start Strategy - 20th Mar 25
Gold and System Collapse: Charting the Bank Run of the Mighty US Dollar - 20th Mar 25
Tesla's Troubles — Is it Musk or is it More? - 20th Mar 25
The Stock Market Bear / Crash indicator Window - 9th Mar 25
Big US Tech Stocks Fundamentals - 9th Mar 25
No Winners When The Inflation Balloon Pops - 9th Mar 25

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bullish Green Shoots in EUA Carbon Emissions

Commodities / Commodities Trading Apr 23, 2010 - 08:31 AM GMT

By: Seven_Days_Ahead

Commodities

For the best part of a year a consolidation pattern has been unfolding in the EUA (ICE ECX) contract, activity quietening down notably this year. Bears have proved unable to drive the market below key support and, now, an interesting upside break is in process.


The Commodity Specialist view


WEEKLY CHART - CONTINUATION:

The multi-month consolidation is changing character – early signs of a break upward are visible now.

The 38.2% recovery level remains first key resistance on this long term chart – a break above this and we can start calculating higher targets.

DAILY CHART – DEC-10:

Earlier in 2010 the key 50% retracement came under pressure more than once – bears were expected to win the battle but in the end they lacked the will.

In the Commodity Specialist Guide we have been keeping an eye on first key resistance around a small 76.4% bounce level and falling resistance line. This has now broken, providing an initial bull signal/ trigger.

A further move beyond the 15.17 08-Dec high would violate the previous pattern of falling highs and lows. Also note the bull channel top

projection around the same level, offering temporary resistance. Supports are offered by prior 14.04/13.60 highs – at this stage buyers on reasonable dips will ideally favour stops just below the 12.59 25-Mar low.

Mark Sturdy
John Lewis

Seven Days Ahead
Be sure to sign up for and receive these articles automatically at Market Updates

Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Seven Days Ahead Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in