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Commodities may decline 11pct on Fibonacci: Technical analysis

Posted on 23 August 2013

Commodities may fall 11 percent by the second quarter next year as the biggest rally in 11 months runs “out of steam,” according to technical analysis by Commerzbank AG.
The Standard & Poor’s GSCI Total Return Index of 24 raw materials will first slide toward its 200-week moving average at 4,781.68 before testing 4,442.35, the 50 percent Fibonacci retracement of its advance between 2009 and 2011, Axel Rudolph, a London-based technical analyst at Commerzbank, said in an Aug. 20 report. The decline is forecast by the second quarter next year, he said………………………………………..Full Article: Source


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