Technical Analysis Says Agricultural Commodities Oversold (DBA)

November 15, 2012 12:49 PM EST
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Analysts at MKM partners see opportunity in PowerShares DB Agriculture ETF (NYSE: DBA).

"Agricultural commodities are oversold from short- and intermediate-term time horizons after a significant correction from September's highs," said analyst Katie Stockton.

She views the correction as a counter-trend which may be short lived.

"We think downside momentum will alleviate, with potential support at the 40-week (200-day) moving average, allowing the MACD indicator to remain above zero in a sign of strength. Initial resistance is at the September high, although the bullish reversal targeted approximately $32, based on Fibonacci ratios," added Stockton.

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