The PowerShares DB Commodity Index ETF (DBC) is exhibiting impressive relative strength this morning after two powerful up-days. Let’s notice so far this morning that the price range fits inside of yesterday’s high at 21.03, which if hurdled should trigger upside acceleration to 21.40/60 next. If such a move unfolds, the DBC will be on its way to a 20% upmove so far this month of March in the aftermath of its 60+% decline since July 2009. My intermediate-term work points to a target zone of 24.80-25.30 prior to the conclusion of this leg of a multi-month recovery period.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.