Agriculture ETF (DBA) Meets Our Initial Upside Target
Asbury Alert
Agriculture ETF (DBA) Meets Our Initial Upside Target
Posted on: Thursday, June 9th, 2016
In the May 16th Keys To This Week (access requires subscription) we first pointed out that the PowerShares DB Agriculture Fund (DBA) appeared to be resuming its February advance. A week later, in our May 23rd report , we said that, despite a failed chart pattern in DBA, the recent sustained move above its 200-day moving average continued to suggest that a major bullish trend change was emerging .
On Tuesday June 7th we pointed out that that the next formidable overhead resistance level was an additional 2% higher at $22.85 and said:
“we would consider taking profits on a test of $22.85 as this major benchmark low appears unlikely to be broken on the first try, especially considering the ETF’s near-vertical rise from its May 23rd low.”
The chart below shows that DBA has been testing $22.85 resistance yesterday and today, which equates to an 8% gain since we first identified this asset as a buying opportunity on May 16th.
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