DBC pushes through Thursday's high


PowerShares DB Commodity Tracking ETF (DBC) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team

Highlights

DBC closes higher for the 6th day in a row
DBC pushes through Thursday's high

Overview

Moving higher for the 6th day in a row, DBC ended the week 4.11% higher at 13.43 after gaining $0.06 (0.45%) today on low volume. Closing above Thursday's high at 13.38, the market confirmed its breakout through the previous session high after trading up to $0.06 above it intraday.

Daily Candlestick Chart (DBC as at Sep 18, 2020):

Daily technical analysis candlestick chart for PowerShares DB Commodity Tracking ETF (DBC) as at Sep 18, 2020

Friday's trading range has been $0.10 (0.75%), that's below the last trading month's daily average range of $0.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DBC.

One bullish candlestick pattern matches today's price action, the White Candle.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

As prices are trading close to September's high at 13.66, upside momentum might speed up should the ETF mark new highs for the month.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for DBC. Out of 23 times, DBC closed higher 56.52% of the time on the next trading day after the market condition occurred.


Market Conditions for DBC as at Sep 18, 2020

Loading Market Conditions for DBC (PowerShares DB Commodity Tracking ETF)...
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