Commodities Ready to Reverse?

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With oil pushing higher (finally), DBC seems to be getting some strength and, as cheap as it looks, appears like a good buy. I’m not so sure. Just take a look at each of those little red lines I’ve drawn. In each case, one could have argued that commodities were forming a base and were ready to reverse, and each time, the tumble simply resumed. The modest pause we’ve seen in prices plunging isn’t a justification to fight the overall trend.