Commodity Weekly 06 November 2013

S&P GSCI Total Return Index

Has sold off to the 4 year uptrend at 4670.

The S&P GSCI Total Return Index has seen another aggressive sell off and has sold off towards its 4 year uptrend at 4670. While we would allow for this to hold the initial test, it is not expected to provoke reversal. Currently
rebounds from this trend line are indicated to terminate ahead of 4840/4894 (55 and 200 day ma).

A negative bias will persist while capped here. A weekly close below 4670 would be very negative and target initially the 4493.50 2013 low

Only a move above 4941 (mid October high) would neutralise the chart and our bearish view as this would imply recovery to 114/5185.

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