Commodities Attempting To Breakout Above 6-Year Price Resistance!

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 (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.

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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!

$DBC Invesco Commodities ETF “weekly” Chart

commodities index etf dbc breakout higher buy signal chart august 2 2021

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