Commodities short term pullback? (3/5)
Conviction: 3/5
Risky over the next 6 months, perhaps triggered by fed raising rates in March?
Commodities (
GSG
,
DBC
) showed real strength over the last two years.
However, looking at weekly RSI it looks a bit exhausted (using data from bear market in the last 10 years)
Typically with breakouts, the asset will retest former resistance.
Also, looked like 5 waves up from 2020 low. Reaching fib level 2. Invalidated if it goes up?
Long-term view still positive.
Risky over the next 6 months, perhaps triggered by fed raising rates in March?
Commodities (
GSG
,
DBC
) showed real strength over the last two years. However, looking at weekly RSI it looks a bit exhausted (using data from bear market in the last 10 years)
Typically with breakouts, the asset will retest former resistance.
Also, looked like 5 waves up from 2020 low. Reaching fib level 2. Invalidated if it goes up?
Long-term view still positive.