Commodities Attempting Breakout Above 6-Year Price Resistance

www.investing.com/analysis/commodities-attempting-breakout-above-6year-price-resistance-200595798

By Chris Kimble | Aug 03, 2021 12:44PM ET

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Copper

+0.70%

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-1.34%

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DBC

-1.07%

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+0.03%

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SRRc1

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DBC Weekly

I have written a lot about select commodities and the potential for breakouts across the commodities industry.

Recently, I have highlighted key inflection points for Cattle / Copper and Steel/ and Coffee.

And as long as commodities remain elevated, inflation will linger. Today, we continue that theme by looking at a long-term “weekly” chart of the Invesco Commodities ETF (NYSE:DBC).

Over the past 6 years, line (1) has been major resistance for this Commodities ETF (DBC). During this time, line (1) has rejected DBC 3 times.

Over the past few weeks, though, DBC is working on a bullish breakout above this key price level at (2). Note that Relative Strength (RS) is moving higher, supporting this breakout attempt.

Bulls are hoping for a clean breakout as commodities dance just above this 6-year resistance. Stay tuned!

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Comments (1)

daniel cali Aug 05, 2021 6:20AM ET

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Commodities Attempting Breakout Above 6-Year Price Resistance

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