Commodity Weekly 04 March 2014 |
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The S&P GSCI Total Return Index has started to erode the 2012-2014 downtrend at 5015, the gap above here does seem quite directional and the market is in the process of breaking up out of a 2 year contracting range.
Clearly we would likely to see this break confirmed on a weekly closing basis, but currently we are inclined to just go with it.
The break has introduced scope for a move to the 5400 2012 high.
It remains immediately bid above the 4925 28th February low ahead of 4840, the short term uptrend.
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