Sept. 23 (Bloomberg) -- Commodities measured by the S&P GSCI Total Return Index may extend losses after falling from an 11-month high last month as the gauge nears a 200-day moving average, according to Commerzbank AG.
The index lost more than 5 percent since touching 5,155.80 on Aug. 28, the highest since September last year, after failing to rise above 5,165 and 5,185 on Fibonacci studies, London-based analysts Karen Jones and Axel Rudolph said in a report on Sept. 17. Rudolph confirmed their views remained unchanged today and would only be revised if the index rose above last week’s high of 4,998.70.
The measure of 24 materials ranging from oil to copper fell 0.2 percent to 4,885.50 at 5:22 p.m. in Seoul. Any drop below the 200-day moving average of 4,848 may lead to further declines to 4,688, according to Rudolph and Jones.
In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes. Support levels are marked by clusters of buy orders, according to technical analysts, who say that past moves may be used to predict trends.
--Editors: Brett Miller, Ovais Subhani