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Just as “orange is the new black”, I think that “oil producers are the new gold miners.” It doesn’t sound quite as good, but here’s my point:
I’ve written before about the failing shelves of support with various commodities. Silver led the way in mid-September……
In mid-September, just about six weeks ago, silver failed beneath an important shelf of support (tinted in yellow below). Although silver was already in a downtrend, once support was broken, pretty much all hell broke loose.
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.
