Commodities May Rise 6% in Next Three Weeks: Technical Analysis
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Commodities may rise about 6 percent in three weeks, extending a rebound from a one-year low, according to technical analysis by Bank of America Corp.
The Thomson Reuters/Jefferies CRB Index of 19 commodities may gain to its 100-day moving average of 328 within two weeks and the 200-day moving average of 339 a week later, according to MacNeil Curry, head of foreign exchange and interest rates technical strategy at the Bank of America in New York. That would put the CRB index near the 50 percent retracement of its decline from July 2008 to February 2009, one of the levels singled out in so-called Fibonacci analysis.