DBA - should stretch lower to 16.30 - 16.00
DBA is the Invesco DB Agriculture Fund that seeks to track the DBIQ Diversified Agriculture Index. The Fund is designed for investors who want a cost-effective and convenient way to invest in commodity futures. The Index is a rules-based index composed of futures contracts on some of the most liquid and widely traded agricultural commodities including: live cattle, soybeans, sugar, corn, wheat , cocoa, coffee etc.
In my previous update posted on 10 February 2019 I wrote:
“We are in the very final micro move down in a micro wave c down. There are three highly probable targets for that move: $16.40, $16.11 or $15.70. Once that final micro wave c finds its bottom we will see a multi year rally.”
As long as DBA holds under the critical resistance at 17.35 it should keep moving lower to the green target box.
DBA - 15 min chart updated on 19 February 2019
