Carbon Emissions Rebound From Dual Fibonacci Support

The sharp price reversal in EUA Carbon Emissions from the May high sidelined earlier bulls. Finally interesting support has emerged from two adjacent Fibo levels, prompting a bounce.

• WEEKLY CHART –CONTINUATION Following support from around the 10.45 76.4% retracement level, which saw a virtual key reversal week result, a recovery is in process. See Daily Chart for further support.
• DAILY CHART –Dec-11: Earlier in Aug there was a clear rebound off our latest Fibo projection at 10.40, which coincides with the 76.4% level on the Weekly chart. Support here is not a surprise and, shorter term, we wait to see if a more lasting recovery can get underway. Note initial resistance comes from the current 38.2% rebound level at 13.28, ahead of the 13.90 Dec-10 low.

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