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Commodities Rally Runs Into Big Breakout Test

Courtesy of Chris Kimble

After a 9 year tail-spin, Commodities are starting to show life in 2020.

Precious metals have been very strong, and commodity bulls are hoping the grains (and energy) follow suit.

In today’s chart, we look at a long-term “monthly” view of the Thomson Reuters Equal Weight Commodity Index.

As you can see, the index has been in a rising channel marked by each (1) for the past 50 years. The 9-year downtrend came near channel support while retesting the 2009 lows at (2).

The rally in 2020 has commodity bulls feeling good again. The Commodity Index is now testing the 9-year downtrend line at (3).

A breakout above falling resistance would be very bullish for commodities.

A 9-year breakout test while inside of a 50-year rising channel for commodities is taking place at this time. If commodities breakout at (3), they would be suggesting that the long-term bear market is coming to an end.

This article was first written for See It Markets.com. To see the original post, CLICK HERE.

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