reuters technical analysis q3 outlook 2013 - wang tao

CLOCK WISE FROM TOP LEFT: REUTERS/Shannon Stapleton, Neil Chatterjee, Victor Ruiz Garcia, Bazuki Muhammad, Dado Ruvic, Kham, Peter Andrews, Sigit Pamungkas, Mohamed Abd El Ghany, Lucy
Nicholson,Soe Zeya Tun, Ulises Rodriguez
REUTERS TECHNICAL ANALYSIS Q3 OUTLOOK 2013 - WANG TAO
Bearish sentiment will continue to hold commodities market in third quarter. Oil and metals ride firm on long-term downtrend. Gold’s recent
steep drop does not look temporary, instead, it may last into third quarter. Copper may crash soon, while grains may speed in their drops. The
appreciation of US dollar will be long-lasting, constantly adding pressure to commodities. But sugar and coffee may have decent rebounds.
The steep rise of Baltic dry index indicates a bullish reversal of a long-term downtrend, the freight industry seems to be recovering.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. No information in this analysis
should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
1
SPOT GOLD TO DROP INTO $1,086-$1,151 RANGE IN 3 MONTHS
Spot gold is expected to drop into a range of $1,086-$1,151
per ounce over the next three months, as indicated by its
wave pattern and a Fibonacci ratio analysis.
The current downtrend is against an uptrend that had developed more than a decade, from the 1999 low of $251.70
to the September 2011 high of $1,920.30.
The downtrend may adopt either of two modes, the sharp
mode or the sideways mode. The sharp mode means a fast
downtrend that will extend deeply into the range of the uptrend, while a sideways mode means the downtrend will be
short, taking a long time to complete.
The drop from the Oct. 5, 2012 high of $1,795.69 has been
so linear that it indicates a sharp mode, which further suggests the current downtrend is far from complete.
Supporting such an indication is the fact that the preceding
uptrend has been driven by five waves labelled I, II, III, IV, V.
A five-wave cycle is a rare thing in the commodities market;
such a cycle is likely to be either totally or substantially reversed.
A Fibonacci retracement analysis on the rise from $251.70
to $1,920.30 reveals a support at $1,283, the 38.2 percent
level. In reference to the current bearish momentum, this
support looks weak and may not trigger any decent rebound similar to the one around $1,527, the 23.6 percent
retracement.
2
SPOT GOLD TO DROP INTO $1,086-$1,151 RANGE IN 3 MONTHS
Most likely, gold will collapse to the 50 percent retracement at $1,086.
Wave pattern suggests gold is riding on a wave C, which
has travelled far below its 100 percent Fibonacci projection
level at $1,397. Obviously, this wave has extended.
The next level of extension will be $1,151, the 161.8 percent
projection level. However, this wave may eventually travel
to $753, its 261.8 percent projection level, near the trough
of the wave IV.
A symmetrical triangle forming between April 16 and June
19 points a target at $1,200, while a pennant pattern developing from the March 21 high of $1,616.36 indicates a more
bearish target at $1,055.
These two patterns confirm the analysis that there could
hardly be any decent rebound until gold reaches the target
zone of $1,086-$1,151.
3
SPOT SILVER TO DROP TO $17.43 IN THREE MONTHS
Spot silver is expected to test a support at $17.43 per
ounce over the next three months, a break below which will
open the way towards $14.77.
A long-term downtrend developing from the April 28, 2011
high of $49.51 remains steady, as the wave pattern shows
silver is riding on a super bear cycle which will match either
in size or duration the preceding long-term bullish cycle
rising from the 2001 low of $4.04. It is common in financial
markets for the speed of the fall to be generally much
faster than that of the rally, and it seems silver is no exception.
It has taken about 10 years for silver to climb to a peak at
$49.51 from $4.04, while only within two years and two
months, more than 60 percent of the gains have been
wiped out, as indicated by a Fibonacci retracement analysis. The break below the 61.8 percent retracement at $21.41
has opened the way towards the 76.4 percent retracement
at $14.77.
However, there is one obstacle - the support at $17.43,
which is provided by the 76.4 percent Fibonacci projection
level of a downward wave C. This wave started at the Oct. 1,
2012 high of $35.36 and is fiercer than the preceding wave
A which ended at the Sept. 26, 2011 low of $26.04.
The wave C could be longer than the wave A, as it is capable of travelling below $11.89, its 100 percent Fibonacci
projection level, to arrive at $8.42, the trough of a preceding wave IV, which was hit in October 2008. A rebound
from the current level may be limited to $20.86, the 61.8
percent Fibonacci projection level of the wave C target.
4
U.S. OIL TO REVISIT APRIL LOW OF $85.61 IN 3 MONTHS
U.S. oil is expected to revisit its April 18 low of $85.61 per barrel over the
next three months, with a good chance of falling through this level and
heading towards the June 28, 2012 low of $77.28.
The drop from the June 19 high of $99.01 is considered as a key bearish
reversal and the beginning of a medium-term to long-term downtrend.
The drop was triggered by resistance at $100.49, which is jointly provided
by the 61.8 percent Fibonacci retracement on the fall from the May 2,
2011 high of $114.83 to $77.28 and a trendline descending from the 2008
high of $147.27.
The major cause for the bearish reversal is the completion of a wave B the second wave of a three-wave cycle that developed from $114.83.
The Fibonacci retracement analysis reveals that the wave B has reversed
roughly 61.8 percent of the preceding wave A, but a more convincing clue
on its completion is that it matches the duration of the wave A, which
lasted about one year from May 2011 to June 2012.
The wave B seems to have been shaped into a wedge, which has a bearish indication as it appeared after a downtrend.
Oil is riding on a fierce wave C, which is expected to completely reverse
the wave B. Five smaller waves may make up the wave C, and on the
hourly chart, the drop from $99.01 does show clear five-wave mode.
Risk at the upside could be limited to $100.49.
5
BRENT OIL TARGETS $88.49 IN THREE MONTHS
Brent oil is expected to drop rapidly to its June 22, 2012 low of $88.49 in
three months, driven by a fierce wave c.
The long-term perspective remains bearish, as oil is riding on a firm
downtrend which started at the March 1, 2012 high of $128.40. It counters
the uptrend that rose from the 2008 low of $36.20.
Based on a double-top that formed around $128.40, the downtrend may
extend to $71.42, the 61.8 percent Fibonacci retracement of the uptrend.
The downtrend will consist of three waves labelled A, B, C, with the first
two waves having completed and the wave C still unfolding towards a
range of $69.84-$79.26, respectively, its 100 percent and 123.6 percent
Fibonacci projection levels.
This range engulfs the double-top target of $71.42 level.
The wave C could be further subdivided into three smaller waves labelled
a, b, c, with the wave c advancing towards $89.54, its 76.4 percent Fibonacci projection level, which is very close to $88.49.
The wave b has been shaped into a rising wedge, which works together
with the preceding short downtrend from the Feb. 8 high of $119.17, to
have formed a bearish pennant with a target below $88.49.
It seems all the patterns and calculations point to a target at $88.49 or a
lower level.
The upside risk may be limited to $106.67.
6
LME COPPER MAY CRASH IN 3 MONTHS
LME copper is expected to fall to $6,149 per tonne over the
next three months, driven by a powerful wave C.
There is a good chance of this wave extending to a much
lower level at $5,630.
The wave started at the Feb. 4 high of $8,346; it is the third
and fiercest wave of a three-wave cycle that fell from the
February 2011 high of $10,190.
The cycle will deeply reverse a preceding uptrend that rose
from the 2008 low of $2,825 to the 2011 high of $10,190.
Based on a Fibonacci retracement analysis, the cycle may
eventually fall to $4,563, the 76.4 percent level.
A detailed study on the inner wave structure of the wave C
reveals that the current fall is driven by a sharp wave c or
wave 3, which will have such a strong bearish momentum
that both the supports at $6,149 and $5,630 look too weak
to hold the drop.
The indication is very pessimistic, that there might be a
crash of the market.
The two supports are provided by the 61.8 percent and the
76.4 percent Fibonacci projection levels of the wave C,
which is capable of travelling to $4,791, its 100 percent projection level, close to $4,563.
7
LME COPPER MAY CRASH IN 3 MONTHS
A closer look on the daily chart identifies that the downtrend from the Feb. 4 high of $8,346 to the April 23 low of
$6,762.25 has been structured by the ratio of 1.618.
This trend could be broken down into two parts: the first
one from $8,346 to the March 1 low of $7,652 and the second part from March 12 high of $7,883 to $6,762.25.
These two parts have a perfect Fibonacci ratio relation, as
revealed by a projection analysis that the second part is
exactly 1.618 times the length of the first part.
This 1.618 ratio may be applied to the formation of the current trend, which is anticipated to develop 1.618 times the
length of the drop from $8,346 to $6,762.25, to extend to
$4,971, close to another projection level of $4,791 (refer to
the first chart).
Decent rebounds are unlikely to occur while the fall accelerates.
8
ALUMINIUM TO FALL INTO $1,573-$1,639 RANGE IN THREE MONTHS
LME aluminium is expected to drop into a range of $1,573-$1,639 per tonne
over the next three months, as indicated by its wave pattern and a Fibonacci
ratio analysis.
The metal is riding on a downward wave C, which is driving a long-term
trend that developed from the May 2011 high of $2,803. Based on the
length of the preceding wave A and the peak of the wave B at the Feb. 15
high of $2,174, a Fibonacci projection analysis reveals a target of the wave C
at $1,573, the 61.8 percent level.
A Fibonacci retracement on the rise from the Feb. 24, 2009 low of $1,279 to
$2,803 indicates another likely target at $1,639, the 76.4 percent retracement.
These two targets form a target range, which has been confirmed, as aluminium has broken a support zone of $1,802-$1,861, respectively the 38.2
percent Fibonacci projection level and the 61.8 percent retracement.
Even though the drop from the June 5 high of $1,981 has been very steep
and linear, it is unlikely to be substantially reversed by a rebound, as the
wave pattern on the hourly chart shows the progress of a wave (3) or wave
(3)-1.
Neither of these two waves suggests a completion of the drop. A Fibonacci
projection analysis reveals the wave (3) or (3)-1 has developed about 76.4
percent of the preceding wave (1) in length, such a length seems too short
to the wave three.
The bearish outlook will be reviewed and the target zone aborted should
aluminium rise above $1,861.
9
SHANGHAI COPPER TARGETS 40,990-42,450 YUAN RANGE IN 3 MONTHS
Shanghai copper the most active contract is expected to drop into a range
of 40,990-42,450 yuan per tonne over the next three months, as indicated
by its wave pattern and a Fibonacci ratio analysis.
This contract's chart pattern is identical to that of the LME copper as they
are both riding on a powerful downward wave C.
A Fibonacci projection analysis reveals that the wave C of Shanghai copper
may eventually travel to 35,120 yuan, its 100 percent projection level, close
to 34,800 yuan, the 76.4 percent Fibonacci retracement on the preceding
uptrend rising from the December 2008 low of 22,440 yuan to the February 2011 high of 74,820 yuan.
A more realistic target over the next three months could be 40,990 yuan,
the 76.4 percent projection level, above which is a conservative target at
42,450 yuan, the 61.8 percent retracement. These two targets form a target
zone.
The current downtrend has been confirmed as copper touched a low at
47,560 yuan on June 25, which is lower than the April 23 low of 48,180
yuan. Another convincing signal is the break below a support at 48,630
yuan, the 50 percent retracement. The next support will be at 42,450 yuan.
Classical pattern theory also supports a bearish outlook. The triangle forming between Oct. 21, 2011 and Feb. 4, 2013 has been confirmed as a continuation pattern. Together with the preceding downtrend falling from
74,820 yuan, the pattern has contributed to the formation of a more bearish pennant, pointing to a target around 35,000 yuan.
10
PALM OIL TO DROP TO 2,013 RINGGIT IN THREE MONTHS
Malaysian palm oil's most active contract is expected to fall to 2,013 ringgit
per tonne over the next three months, as indicated by its wave pattern and a
Fibonacci ratio analysis.
A downtrend from the April 2012 high of 3,835 ringgit remains steady, as a
five-wave cycle falling from the same point has not completed.
Four waves of the cycle have unfolded. The fifth, labelled 5, is developing
towards 2,013 ringgit, the 61.8 percent Fibonacci retracement on the rise
from the 2008 low of 810 ringgit to the 2011 high of 3,960 ringgit.
This wave will consist of five smaller waves, with the second, labelled 5-2,
having completed at 2,491 ringgit, a high touched on June 20.
The completion has been indicated by the failure of wave 5-2 to break resistance at 2,442 ringgit, the 138.2 percent Fibonacci projection level of wave
C, which started at 3,835 ringgit.
Wave 5-3 could be short, and may end around 2,013 ringgit, or very long,
likely to travel to 1,553 ringgit, the 76.4 percent retracement, depending
upon whether wave 5 will extend.
A detailed study on the wave structure of wave 5-1 shows that it consists of
three smaller waves a , b, c, indicating the formation of an ending diagonal
triangle which may finish around 2,013 ringgit.
11
SOYBEANS TO RETEST SUPPORT AT $14.05-1/2 IN 3 MONTHS
CBOT soybeans first month is expected to retest a support at $14.05-1/2
per bushel over the next three months, a break below which will lead to a
further fall towards $12.85-1/2. The downtrend from the September 2012
high of $17.94-3/4 remains intact, following the rebound from the November 2012 low of $13.72-1/4.
The rebound has been triggered by a support at $14.05-1/2, provided by the
38.2 percent Fibonacci retracement on a five-wave cycle that rose from the
December 2008 low of $7.76-1/4 to $17.94-3/4. A lower support will be at
$12.85-1/2, the 50 percent retracement.
The rebound has been counted from $13.72-1/4, instead of the low at $13.54
-1/2 later touched in April 2013, because it is an extraordinary wave pattern,
the so-called irregular flat.
Such a pattern consists of three smaller waves labelled a, b, c, with the wave
a and the wave b roughly equal in length and the wave c much longer. Together, these three waves have made up a wave B, which will be totally reversed by a downward wave C.
The daily chart was much distorted on May 15, due to the big spread between two near months of May and July contracts. The continuous chart of
the most active contract provides a clearer pattern which could be more
easily recognised as a common corrective wave mode.
A Fibonacci projection analysis of the wave C target points to $11.36-1/4,
which is slightly lower than the 61.8 percent retracement at $11.65-1/4. The
small difference between these two levels is no coincidence; it simply indicates a big room for the downside from the current level.
Resistance is at the June 12 high of $15.58-3/4, a break above which will
lead to a further gain to $15.88.
12
CORN TO DROP INTO $5.70-1/4 TO $5.92-1/2 RANGE IN 3 MOTHS
CBOT corn is expected to drop into a range of $5.70-1/4 to $5.92-1/2 per
bushel over the next three months, as the downtrend from the Aug. 10, 2012
high of $8.43-3/4 is far from complete.
This downtrend counters a preceding uptrend which developed more than six
years from the Nov. 30, 2005 low of $1.85-3/4 to $8.43-3/4. The uptrend has
adopted a standard double-zigzag pattern, consisting of three big waves labelled A, B, C, with the wave A and wave C each further composed of five
smaller waves.
To match the uptrend in duration, the downtrend will have a long way to
grow, as it has only lasted about 10 months. In terms of length, the downtrend is unacceptably short, less than 38.2 percent of the uptrend, as indicated by a Fibonacci retracement analysis on the rise from $1.85-3/4 to $8.43
-3/4.
It is apparent that the current downtrend could expand longer and extend further. The downtrend has been disrupted by support at $6.34-3/4, provided by
the 38.2 percent retracement, a break below which will confirm a target at
$5.70-1/4, the 50 percent retracement.
Slightly above this support is another one at $5.92-1/2, the 38.2 percent Fibonacci retracement on the rise from the Sept. 8, 2009 low of $2.96-3/4 to
$8.43-3/4. This higher support should be honoured because it may temporarily stop the downtrend, same as what was done when the downtrend reached
the 23.6 percent retracement at $6.88-1/2.
A detailed examination on the daily chart pattern of the downtrend reveals it
has adopted a complex corrective wave mode. Three waves have been driving
the downtrend, with the third wave labelled c unfolding towards $5.83-1/4, its
100 percent Fibonacci projection level.
This projection level falls within the target range of $5.70-1/4 to $5.92-1/2,
indicating a consistency of signals on both macro-scale and micro-scale.
13
CBOT WHEAT TO DROP TO $6.24-3/4 IN THREE MONTHS
CBOT wheat first month is expected to drop to a support at $6.24-3/4 per
bushel over the next three months, a break below which will open the way
towards $5.48-1/2.
The support is provided by the 61.8 percent Fibonacci retracement on a three
-wave cycle that rose from the June 2010 low of $4.25-1/2 to the July 23,
2012, high of $9.47-1/4.
The move towards $6.24-3/4 per bushel has been confirmed as wheat has
broken below a higher support at $6.86-1/2, the 50 percent retracement.
It is not clear if the current downtrend from $9.47-1/4 is just a countertrend
against the preceding uptrend from $4.25-1/2 or a continuation of a bigger
downtrend that developed from the 2008 high of $13.34-1/2.
As a result, it will be difficult to predict an ultimate bottom, and the two Fibonacci retracements at $6.24-3/4 and $5.48-1/2 have to be targeted one
after the other.
A triangle forming between March 28 and June 25 has been confirmed bearish, as its lower trendline has been broken. This pattern points to a target
around $6.24-3/4 as well.
A rise to $6.90 will make the triangle invalid, but only a further gain above
the June 19 high of $7.10-3/4 could signal a reversal of the downtrend.
14
NY SUGAR TO REBOUND INTO 19.87-20.22 CENTS RANGE IN 3 MONTHS
New York sugar is expected to rebound into a range of 19.87-20.22 cents
per lb over the next three months, as indicated by its wave pattern and a Fibonacci ratio analysis.
A three-wave cycle falling from the February 2011 high of 36.08 cents could
have temporarily bottomed at a support of 16.17 cents, the 100 percent Fibonacci projection level of the wave C, the second wave of the cycle.
This support has been enforced by another one at 16.48 cents, the 61.8 percent Fibonacci retracement on a preceding bigger three-wave cycle that
started at the May 1999 low of 4.36 cents and peaked at 36.08 cents.
These two supports have formed a support zone which has successfully
stopped the downtrend and triggered a rebound.
This rebound could be a good match to the preceding two rebounds, as it
occurred on the second anniversary of the rebound from the May 2011 low of
20.40 cents and the first anniversary of the rebound from the July 2012 low
of 18.86 cents.
It could be hard to pinpoint an ultimate peak for the rebound, but an immediate target range seems to be from 19.87 cents to 20.22 cents, respectively
the 76.4 percent Fibonacci projection level and the 50 percent retracement
level.
Increasing the chance of a strong rebound is the completion of a five-wave
cycle that started at the July 2012 high of 24 cents, and this cycle will be at
least partially reversed.
A drop below 16.17 cents would signal the extension of the wave C towards
12.47 cents, its 123.6 percent Fibonacci projection level.
15
NY COFFEE TO BOTTOM AROUND $1.0720 IN 3 MONTHS
New York coffee is expected to end the current mediumterm downtrend around a key support at $1.0720 per lb over
the next three months and then start a decent rebound towards $1.4575.
The downtrend started from the May 2011 high of $3.0890
and has almost completed a five-wave cycle. It is generally
tough to fix a bottom for the wave five of a big motive wave,
but there are some clues to an approaching bottom.
The fifth wave of the cycle, labelled 5, is presumed to be
roughly equal to the wave 1 in length. Such a presumption
leads to a calculation that the wave 5 may bottom around
$1.1590. But until now, there has not been any convincing
reversal signal. As a result, there could be a chance of the
wave 5 to extend. The extension may be limited to the support at $1.0720, the 76.4 percent Fibonacci retracement on
the rise from the October 2001 low of $0.4490 to $3.0890.
Generally, the 76.4 percent retracement often serves as an
ultimate depth of a reversal against a preceding trend.
The support has been confidently observed because it is
close to another pivotal support at $1.0215, the December
2008 low and the trough of the wave (4) of a preceding uptrend.
The timing of a strong rebound also looks perfect. The preceding wave 1 bottomed in early August 2011 and the wave 3
in late June, 2012, followed respectively by sharp wave 2 and
wave 4 rebounds. Chances are the wave 5 may complete in
July, about the second anniversary of the wave 1 trough and
the first anniversary of the wave 3 trough.
16
NY COCOA TARGETS $1,600 IN 3 MONTHS
New York cocoa is expected to break a support at $2,022 per tonne and fall towards $1,600 over the next three months.
A downtrend from the March 2011 high of $3,775 remains intact, after a disruption by a rebound from the December 2011 low of $1,983.
The rebound was caused by a support provided by a trendline ascending from the December 2000 low of $707. With cocoa falling below the trendline again, this rebound is believed over.
Wave pattern shows that the rebound has been driven by a weak wave b, which is the second wave of a three-wave cycle falling from $3,775.
This wave is expected to be totally reversed by a downward wave (c), which could travel to $915, its 100 percent Fibonacci projection level, over a
longer period. A more realistic target will be $1,600, the 61.8 percent projection level.
A detailed study on the chart pattern from $3,775 onwards shows that a head-and-shoulders is likely to be confirmed, and the confirmation will be
given when cocoa drops below $2,022. This pattern points a target below $1,600.
The right shoulder does not look very symmetrical to the left shoulder, especially in terms of duration, this has made the break below $2,022 critical
in confirming the target at $1,600. A rise above $2,455 may be extended to $2,707.
17
DOLLAR INDEX TO RISE TO 85.966 IN THREE MONTHS
The dollar index is expected to rise to 85.966 over the next
three months, driven by an upward wave C.
The index is firm on a long-term uptrend which has benefited from a high-low bottom formed between March 2008
and May 2011.
The wave C started at the Feb. 1 low of 78.918. It is the third
leg of a bigger wave (C) which developed from the May
2011 low of 72.696.
The wave (C) is capable of travelling to 91.922 over a long
period, which is its 100 percent Fibonacci projection level,
based on the length of the preceding wave (A) and the bottom of the wave (B) at 72.696.
The projection analysis reveals a resistance at 84.392,
which triggered two deep retracements in July 2012 and
May 2013.
However, the second retracement is apparently shallower
than the first one, indicating a decreasing bearish momentum and an increasing bullish momentum. Chances are the
index may break the resistance in its third attempt and
climb further then.
A Fibonacci projection of the wave C target points to
85.966, the 61.8 percent level, a rise above which could be
extended to 87.155, the 76.4 percent projection level of the
bigger wave (C).
A correction from the current level may be limited to 81.
18
BALTIC DRY INDEX TO RISE TO 1,392 IN 3 MONTHS
The Baltic dry index is expected to rise to 1,392 over the next three
months, as it is riding on a wave (3).
This is the most powerful wave of a five-wave cycle that rose from the
December 2012 low of 699. A Fibonacci projection analysis on the target of this wave points to 1,392, its 161.8 percent level.
This target is close to 1,410, the 50 percent Fibonacci retracement on
the fall from the October 2011 high of 2,173.
Strategically, the target at 1,392 will be confirmed when a resistance
zone of 1,228-1,230 is cleared. The zone is formed by the 123.6 percent
projection level of the wave (3) and the 38.2 percent retracement of
the downtrend from 2,173.
Given the current strong momentum, the index may extend its gain to
1,590, the 61.8 percent retracement, as based on a double-bottom
that formed around 661, the index is supposed to climb to 1,660. A
correction from the current level may be limited to 1,007, the 23.6 percent retracement.
Intraday technical outlooks are available to Eikon and Xtra 3000 users on the following 13 products:
U.S. oil, Brent oil, spot gold, LME copper, LME aluminium, Shanghai copper, Malaysian palm oil, CBOT soybeans, CBOT corn, CBOT wheat, New York sugar #11, New
York coffee and New York cocoa. To retrieve the 24-hr technical outlooks, please press F9 and key in TECH/C.
COVER PHOTO: (Clockwise from top left) Twenty four karat gold bars are seen at the United States; A truck waits for ore; An employee looks at the offloading vessel; A truck carrying oil palm fruits; Pieces of aluminium
are pictured after the production process; Men carry corn on their head; Melted silver is poured into molds; A worker carries sugarcane; A farmer harvests wheat on a field; A pumpjack drills for oil; A woman counts U.S. dollars; A worker is seen through dried coffee beans. REUTERS/Shannon Stapleton, Neil Chatterjee, Victor Ruiz Garcia, Bazuki Muhammad, Dado Ruvic, Kham, Peter Andrews, Sigit Pamungkas, Mohamed Abd El Ghany, Lucy
Nicholson,Soe Zeya Tun, Ulises Rodriguez
For more information:
Reporting by Wang Tao (Market Analyst, Commodities Technicals),
[email protected];
Compiled by Newsletters Team in Bangalore, [email protected]
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