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 Commodities ETF (DBC) are testing multi-decade resistance and Commodities ETF DBC is testing 7-year falling resistance at the same time.
Important breakout tests are in play for hard-hit Commodities ETF’s DBA and DBC!
The Invesco DB Com Indx Trckng FundETF (DBC) was unchanged in premarket trading Thursday. Year-to-date, DBC has gained 7.47%, versus a 5.51% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.