DBA rallied off 21.70 (June 15, 2015 weekly low) to probe the 14-month falling trendline (as shown on the weekly chart) to suggest basing. Positive indicators suggest a breakout above the trendline resistance is favored ahead of further strength towards 23.63 then 24.10. Further gains from there would bolster for 24.57 near 38.2% of the fall from 29.41. However, if the trendline manages to cap, a downside reversal below 22.03 (first support) would defer the upside and weaken towards 21.70 for a retest.
Outlook:
Short term: bullish
Long term: neutral
Outlook:
Short term: bullish
Long term: neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.