Commodities Attempting Breakout Off 7-Year Support
Chris Kimble | Oct 15, 2018 08:46AM ET
Its been a rough 7-years for PowerShares DB Agriculture (NYSE:DBA) as it has created a series of lower highs and lower lows while declining 50% inside of falling channel (1).
The decline this year has it testing channel support of late, where a double bottom might be in play at (2).
The rally of the past couple of weeks has DBA attempting a breakout above falling resistance at (3), while momentum is very low and could be attempting to turn higher.
While DBA is attempting a breakout, yields and PowerShares DB Commodity Tracking (NYSE:DBC) are testing multi-decade resistance and
Important breakout tests are in play for hard-hit Commodities ETF’s DBA and DBC!
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