DBC closes above its opening price after recovering from early selling pressure
PowerShares DB Commodity Tracking ETF (DBC) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, DBC ended Tuesday at 16.22 losing $0.06 (-0.37%). Trading up to $0.03 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 8th, DBC gained 0.13% on the following trading day.
Daily Candlestick Chart (DBC as at Apr 16, 2019):
Tuesday's trading range has been $0.09 (0.56%), that's slightly below the last trading month's daily average range of $0.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DBC.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 16.35 where further buy stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for DBC. Out of 429 times, DBC closed higher 51.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after five trading days, showing a win rate of 54.08% with an average market move of 0.09%.