Carbon Emissions Rebound From Dual Fibonacci Support
24 August 2011
WEEKLY CHART -CONTINUATION
Following support from around the 10.45 76.4% retracement level, which saw a virtual key reversal week result, a recovery is in process. See Daily Chart for further support.
DAILY CHART -Dec-11:
Earlier in Aug there was a clear rebound off our latest Fibo projection at 10.40, which coincides with the 76.4% level on the Weekly chart. Support here is not a surprise and, shorter term, we wait to see if a more lasting recovery can get underway.
Note initial resistance comes from the current 38.2% rebound level at 13.28, ahead of the 13.90 Dec-10 low.
Next story:
USD/ZAR Poised To Make Better 2011 Recovery 
Previous story:
Oil looks weak