DBA 22.70: Bullish – Probes 14-month falling trendline

DBA rallied off 21.70 (June 15, 2015 weekly low) to probe the 14-month falling trendline (as shown on the weekly chart) to suggest basing. Positive indicators suggest a breakout above the trendline resistance is favored ahead of further strength towards 23.63 then 24.10. Further gains from there would bolster for 24.57 near 38.2% of the fall from 29.41. However, if the trendline manages to cap, a downside reversal below 22.03 (first support) would defer the upside and weaken towards 21.70 for a retest.
Outlook:
Short term: bullish
Long term: neutral