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Homyk Registered Apr 2011 |
This is my chart analysis of the agriculture market for July 2011 using the DBA ETF.
Long time frame 
We see from the long chart that agriculture price has been moving steeply upwards for all of 2010 and is in for a breather most part of this year. We also see that the bulls have gotten more and more greedy by looking at the much steeper outer channel (red). The recent triangle might look like a flag in the long time frame, but volume is too high for that to be the case. Medium time frame 
In the medium term the price has broken through the inner channel but seems to be forming a bullish triangle instead of the more common trading range. Price has moved too far from the channel to make a reenter a likely case. It has recently breached the triangle on the downside which looks to be a false breakout. This is positive for the bulls in the medium term as it is more likely that price will break out on the upside of the bullish triangle. |
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