Carbon continues to form within its symmetrical triangle pattern dating back to March 2022

Carbon Emissions (EU ETS), continue to form within its symmetrical triangle pattern with initial support at 82.50 region. A break below here could open the door towards the June lows of 78.00. Towards the upside, resistance for the commodity credit sits at around 90.00, with a break here opening the door towards 100.00. Though this is likely the ceiling price. The downside is also likely capped given carbon's role in revenue generation for the EU. MACD is currently trending down, with RSI reading 39, suggesting a slightly negative tone.

 

Comment: "While the market has got pressure towards the downside, dip buying could work out well in the event of overstretched falls. This market does give a floor at around 60.00/65.00 with the average price expected to be 84-85 throughout 2023, therefore anything below that price could provide a good opportunity".