Chart of the Day - Wednesday, July 6th, 2022
July 6, 2022
Today’s Chart of the Day was shared by Tarek Saab (@FibLines). It's a daily candlestick chart of the Agricultural Commodities ETF, $DBA, over the past 20 months. This ETF tracks a basket of 10 Commodities including, Soybeans, Wheat, Corn, Coffee, Live Cattle, and more. It broke out at the end of last year and rallied about 18% up until May of this year. It's given back that entire move since then, and it is now retesting the breakout level around $19.50. This is an important test for Commodities. Was that it for food inflation? Or, is this just a classic retest within an uptrend?