Commodity Weekly 11 February 2014

S&P GSCI Total Return Index

 

Market has eroded the 200 day ma, but struggling to maintain upside pressure

 

The S&P GSCI Total Return Index has managed to clear the 200 day ma but is already looking a little tired. The Elliott wave count on the 240 minute chart is also implying failure here circa 4850/53. We look for a slide back to the 4615 January low.

A close below 4615 (recent low) would be negative and target initially the 4493.50 2013 low. Failure here will target 4442/47, the 50% retracement of the move from the 2009 low to the 2011 high and the 78.6% retracement of the move from 2012. This represents our medium term downside target.

Above 4853 (Fridays high) we will have to allow for a slightly deeper retracement (4865), this is the 50% retracement of the move down from the August peak and possibly the 4908 end of December peak.

To know more click here PDF



 

DOWNLOADS

Please come again to check our Market Research & Reports