Commodity Weekly 18 March 2014 |
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The S&P GSCI Total Return Index remains on the defensive following the demise of the December high at 4908. It has seen a small erosion of the short term uptrend at 4896, and we would allow for slippage to 4833/42, the 200 day moving average.
This should provoke some stabilisation short term. However a close below here would trigger losses towards the bottom of the recent range circa 4650/4600.
Rallies are likely to now struggle circa 5000. However should a rise above 5070 be seen, though, a move to the 5400 2012 high could be on the cards.
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