Agricultural Commodity ETF Tests Resistance
Commodities / Agricultural Commodities Jun 25, 2008 - 05:48 PM GMTBy: Mike_Paulenoff
Not much of anything going on in the equity or bond markets since the FOMC announcement, however, in general, the equity market appears bid, while the bond market appears offered for the time being. Perhaps the most important reaction to the FOMC statement has been the climb in euro/$ from 1.5540 to 1.5640, which has popped the grains (wheat, corn, beans)... which in turn has popped the DBA (DB Agricultural Commodity, ETF) to test near term resistance at 41.00. If hurdled, let's expect the DBA to surge to retest the June high at 41.42. See our chart.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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