#DBC closed under 200dma and rising channel
DBC - Invesco Deutsche Bank Commodity Index has closed and broken below both the rising channel and the 200 day moving average. Technically this is quite damaging and it will be interesting to see if we get follow through to the downside.
Crude oil and gasoline are major weights in this basket accounting for half of the weighting followed by gold at just over 6% and agriculture also having a decent weighting.
www.invesco.com.../product-detail?audienceTy...
Should the technical targets play out we could see approx $22.50 and $19.30. Two daily closes back above the 200dma and i'll most likely concede that this view is incorrect.
Crude oil and gasoline are major weights in this basket accounting for half of the weighting followed by gold at just over 6% and agriculture also having a decent weighting.
www.invesco.com.../product-detail?audienceTy...
Should the technical targets play out we could see approx $22.50 and $19.30. Two daily closes back above the 200dma and i'll most likely concede that this view is incorrect.
"If you do what you love, you'll never work a day in your life" - Marc Anthony