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

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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:

** 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

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