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Agricultural commodities continue to perform well, and PowerShares Agriculture Fund (DBA) may be poised to soon make another leg higher. After surging higher in early August, DBA pullback to short-term support of its 20-day exponential moving average on August 11. It only stayed there one day, as DBA moved back up in the following session, triggering our reentry on the long side. Since then, DBA has been consolidating in a tight, sideways range, near its recent highs, for the past five days. A rally above the high of that five-day range should lead to a resumption of its intermediate-term uptrend. Traders who missed our initial entry point could consider a secondary entry on that breakout above the range. However, DBA could continue to build a base for another week or so.

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