Sceptre International Group News | Technicals: CERs to rebound to €12.10 in four weeks

The Sceptre International Group blog reports on the latest industry news.  For more information, visit Sceptre International Group’s website at www.sceptreinternational.com.

CERs are expected to rebound to €12.10 over the next four weeks, based on its wave pattern and a Fibonacci retracement analysis.

A five-wave cycle could have completed on the fall from the 8 September 2010 high at €14.21, even as wave “5” shows a strange three wave mode.

A Fibonacci retracement analysis reveals an immediate target of rebound at €12.10, the 38.2 percent level on the fall from €14.21 to €10.80.

The supporting signals for a rebound come from a bullish divergence on the daily MACD indicator, and a strong support at €10.80, a low touched on Jan. 6, 2010.

A rise above €12.10 will extend to €12.51, the 50 percent Fibonacci retracement.

Support is at €10.80, and a fall below will confirm a resumption of the downtrend toward a bearish target at €9.97.

For a four-week CERs technical outlook: http://graphics.thomsonreuters.com/WT/20111002170850.jpg

** The author is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **

Reuters London

www.pointcarbon.com

Sceptre Group Limited is a specialist investment firm focused in low carbon financial investments such as sustainable biofuel plantations, agricultural farmland and green technologies.  For more information on Carbon Credits & Carbon Credit Trading, please visit Sceptre International Group’s website at www.sceptreinternational.com.

Advertisements
This entry was posted in Sceptre International Group News and tagged , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s