Carbon has dipped below the support of €77.01, but it has since climbed back above. The commodity is now trying to hold its level

Taking a look at carbon emissions as its market price has dipped below a key support level but has since bounced back. Currently, the price sits around €77.10. We can see the dip below the support of €77.01, which occurred at the beginning of the month, and the market is now trying to hold its price above that level. However, last week it faced some tough resistance around €80.28 which led a to rejection back towards the trendline support. The break towards the downside is highlighted by the red oval. If carbon manages to withhold its price above the support of €77.01 then we could see a move back up towards the resistance of €80.28. A break and close above €80.28 would then allow the bulls to eye up 82.45. On the other hand, towards the downside, a close below €77.01 may then see a test of €74.84 (November’s low). If we look over at the technical indicators, they suggest a rather neutral stance. The MACD is almost neutral-flat and the RSI is flat but slightly negative as it reads 43. 

Note: The European Energy Exchange announced earlier that the European Union sold 3.036 million spot EU carbon permits at €76.35 per tonne each.