DBC closes higher for the 2nd day in a row


PowerShares DB Commodity Tracking ETF (DBC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

DBC closes higher for the 2nd day in a row
DBC pushes through Monday's high

Overview

Moving higher for the 2nd day in a row, DBC ended the month 4.5% higher at 12.31 after gaining $0.06 (0.49%) today. Closing above Monday's high at 12.28, the market confirmed its breakout through the prior session high after trading up to $0.11 above it intraday.

Daily Candlestick Chart (DBC as at Jun 30, 2020):

Daily technical analysis candlestick chart for PowerShares DB Commodity Tracking ETF (DBC) as at Jun 30, 2020

Tuesday's trading range has been $0.18 (1.47%), that's slightly above the last trading month's daily average range of $0.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DBC.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the nearby swing high at 12.52 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 "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for DBC. Out of 306 times, DBC closed higher 52.94% 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 two trading days, showing a win rate of 52.29% with an average market move of 0.05%.


Market Conditions for DBC as at Jun 30, 2020

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