Looking for Carbon to stall ahead of 6.00.
- December 2013 ICE ECX Carbon Emissions have pushed higher to 5.83 but appear to be struggling to maintain a foothold above the 5.57 January high. We note the divergence of the daily RSI, which depicts a loss of upside momentum, we also have a 13 count on the TD combo – which depicts increasing likelihood of failure. Currently we would allow for a retracement to the 55 and 200 day moving averages circa 4.60/52, but currently we look for 4.38, the 3rd September low to hold.
- We strongly suspect we will see failure initial failure ahead of 6.00 and if not already done so we would strongly recommend that stops are tightened.
- Above 6.00 would suggest an extension to 6.48, the April 2012 low.
ICE ECX Carbon Emissions Dec 2013 – Weekly Chart
Rally has reached the 55 week ma at 5.52.