Agriculture ETF Testing Short-Term Breakout Level
The last few years have been hard on Agriculture ETF (DBA) as it has lost nearly 50% of its value.
Is the hard-hit AG ETF showing signs of green shoots (growth)? Possible!
The trend for DBA remains down as it continues to create lower lows inside of this falling channel. It hit the bottom of this channel a few weeks ago at (1) and a small rally has taken place. Does it mean the downtrend is over? NOPE!
The small rally of late has DBA testing the 2018 lows as new resistance at (2), which presents itself as a breakout test.
If DBA breaks above this resistance, it would send a short-term positive message to this hard-hit ETF!
If it does break out at (2), look for some green shoots of growth to follow!
(Click on image to enlarge)
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