Technical Analysis Says Agricultural Commodities Oversold (DBA)
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Price: $25.37 -0.47%
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Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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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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"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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