European Union carbon permits for December may drop to 6.17 euros ($8.01) a metric ton after falling to a record, according to Carine Hemery, a technical analyst at Orbeo in Paris. That level is the 138.2 percent Fibonacci retracement of the move to 8.32 euros on Dec. 12 from a previous record low of 6.77 euros on Dec. 6, Hemery said today by phone. Solvay SA (SOLB) is buying the 50 percent of Orbeo it doesn’t already own from Societe Generale (GLE) SA. Carbon allowances moved below the 6.77-euro support level today more easily than Orbeo forecast it would, she said. “I was expecting it was strong support, but it was not.” Fibonacci charts are based on the theory that prices increase or decrease by certain percentages after reaching a high or low. The December 2011 contract, currently the benchmark for the region’s carbon market, dropped to a record 6.45 euros at 12:42 p.m. in London.
No comments:
Post a Comment