ARE COMMODITIES ATTEMPTING BREAKOUT OF 7-YEAR SUPPORT?
MATA: DRIVERS - COMMODITIES
10-15-18 - KimbleCharting - "Commodities attempting breakout off 7-year support!"
Its been a rough 7-years for Agriculture ETF (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 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!
We went long coffee on 9/28,commodity index on 10/2, sugar 10/5.