Avernus

Carbon outlook changes to bearish

Short
ICEEUR:ECFZ2020   EUA FUTURES
Hello folks,

A number of fundamental changes have affected EU ETS allowances, which are currently breaching MA200 - a strong technical level.

Weak EUETS auctions, low/negative dark spreads and Brexit concerns have provided pressure. Technically, Fibonacci 61%(used for resistance levels), and MA200 have been breached. All technicals, except RSI (which is not my favorite in trending markets), show further bearishness.

Happy to hear your thoughts!

Peace

A
Trade closed: stop reached: stop loss reached, trade is closed.

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