DBB - A Candidate Once Again
Time to look, once more, at the shares of PS DB MultiSect Met ( DBB:NYSE ) or PowerShares Base Metals Fund ( DBB:NYSE ) as a potential short candidate.
Previously it was a short candidate at 21.10 and the price objective was 19.71 . The share price reached a low of 21.02 where it reversed when the $SPX made its 180° reversal to start this last up leg of the Bear Market Rally . For information see :
http://www.benzinga.com/trading-ideas/technicals/139504/dbb-continues-to...
http://www.benzinga.com/trading-ideas/technicals/136297/powershares-db-b...
On this up leg DBB reached a high of 21.14 as shown on the daily chart. If my interpretation of the $SPX action is correct then DBB has reached the high and is now starting the beginnings of a significant correction.
I would suggest that a close below 21.02 would be an aggressive entry point and a more conservative position with a close below 20.75 . The initial target would be the level 19.70 .
For this trade today the Support levels are :
- 21.02
- 20.90
- 20.75
- 20.51
- 20.36
