Noted in my screener that the Invesco DB Agriculture Fund DBA was outstanding for the week.
A 2.3% climb for the week came after a quick 15% decline early in the year, and entrapment in a consolidation range (yellow box) between 19.50 and 20.80. The lower end of the range represents a strong support having been tested thrice this year. Meanwhile, the weekly MACD was frustratingly flatlining as the VolDiv dropped.
Conditions appear to preliminarily change as this solid marubozu bounce from the support came with a more significant MACD breakout and closed the week at the 23W EMA. There also appears to be an early alignment with the VolDiv uptick in recent weeks.
A shorter term trend line appears to have been broken out as well (green trend line).
An early potential where a follow through rally on the DBA should bring price to about 21, and another imminent breakout of the consolidation zone.
Merry Christmas!!!
A 2.3% climb for the week came after a quick 15% decline early in the year, and entrapment in a consolidation range (yellow box) between 19.50 and 20.80. The lower end of the range represents a strong support having been tested thrice this year. Meanwhile, the weekly MACD was frustratingly flatlining as the VolDiv dropped.
Conditions appear to preliminarily change as this solid marubozu bounce from the support came with a more significant MACD breakout and closed the week at the 23W EMA. There also appears to be an early alignment with the VolDiv uptick in recent weeks.
A shorter term trend line appears to have been broken out as well (green trend line).
An early potential where a follow through rally on the DBA should bring price to about 21, and another imminent breakout of the consolidation zone.
Merry Christmas!!!