Avernus

Carbon could test €30 in the short-term

Long
ICEEUR:ECFZ2020   EUA FUTURES
Carbon ( EUA ) is a very technical market, as you can tell from my previous charts. Dec20 contract breached a strong resistance level and it could aim for €30/t. Additional support has been felt by fundamentals and Brexit developments.

In the short-term, the market could be bullish and attempt to set a new trading range, above the €26/t. That said, I doubt EUAs will remain bullish until 31st of October (Brexit new deadline). Strongly believe volatility will remain quite high due to several upcoming data announcements - later in the summer and in September.

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