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The above chart looks at Commodity ETF DBC on a weekly basis over the past 8-years.
DBC remains in a downtrend creating lower highs and lower lows inside of channel (1) since 2009. It hit support of the channel back in 2016 and has been creating a series of higher lows ever since, inside of channel (1).
Over the past few months, DBC has created a series of higher lows and flat highs, creating a potential bullish ascending triangle. DBC is clearing the top of this pattern at (2), which sends a positive message.
If a breakout continues, the measured move suggest DBC could rally around 10% to at least the $19.50 level.
