GSG - iShares S&P GSCI Commodity-Indexed
GSG is showing a strong upward trend since the low of March 2020. GSG has maintained a trading channel. We are long in the short to medium term. We have support at $14.63 which is shown in the fib retracement and by the trading channel prior to the COVID pandemic. We have an exit price of near $16.50, we expect to see resistance at the upper bound limit of the pre-COVID trading channel.
The macroeconomic backdrop supports upward price action. We will continue to watch inflation data announcements. We are looking for qualitative & quantitative information that might support a breakout above the pre-COVID trading channel.
The macroeconomic backdrop supports upward price action. We will continue to watch inflation data announcements. We are looking for qualitative & quantitative information that might support a breakout above the pre-COVID trading channel.