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Commodity ETF Gets Oversold Bounce off Support $DBC

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After becoming oversold last week, the DB Commodity Index Fund ($DBC) bounced off support with a long white candlestick. Notice that an inverted hammer formed on Friday as RSI dipped below 30 (oversold). Broken support turns into the first resistance area around 30.50.

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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