Carbon Emissions - Weekly

Carbon (EU ETS) continues to drop in the short term, however, long-term support still holds strong.

Carbon (EU ETS) continues to drop in the short term, however, long-term support still holds strong. The RSI on the weekly timeframe reads 47 with MACD currently negative. However, Support from the 50 & 100 SMAs along with the 3-year trendline currently sits at €85.81 (50SMA), €81.40 (blue trendline) and €78.90 (100SMA). A further break of the 100SMA & Trendline could be very bearish for the commodity token, however until this level of support is broken, things remain okay for now. Towards the upside, the major resistance is €100.00 which will be very hard to break. In the short term €90.00 to €91.60 remains the first resistance zone.