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This column was originally published on RealMoney on Nov. 9 at 1:37 p.m. EST. It's being republished as a bonus for readers.

With stock rallies grabbing all of the headlines, it's easy to miss the stealth bull market taking place in some of the lesser-followed commodities. Over the past month, wheat and corn have gone parabolic, surpassing highs set more than a decade ago.

More widely followed commodities, like gold and crude oil, have lagged behind, but as I

recently pointed out, gold was starting to get some its shine back.

Crude oil, an underperformer, has been basing near support after a three-month selloff, but it appears to be headed higher now that the election is over.

So let's look at three different ways to gain commodity exposure.

Big-Picture Play

The most comprehensive way would be with the

PowerShares DB Commodity Index Tracking Fund

(DBC) - Get Invesco DB Commodity Index Tracking Fund Report

, an ETF that tracks a basket of six commodities. It has about 35% of its assets in light sweet crude, 20% in heating oil, 12.5% in aluminum, 11.25% in corn, 11.25% in wheat and 10% in gold. Here's a daily chart.

PowerShares DB Commodity Index Tracking Fund

Click here for larger image.

Source: The

Since hitting a three-month low in mid-September, DBC has been making a series of higher lows. Volume is also supportive of the price pattern, with accumulation days exceeding distribution days by about two to one since September.

DBC is now in a low-volatility squeeze, and as volatility reverts to the mean, I expect prices to move rather quickly and break out higher from this range. The first target is at $25.50, which is the downsloping orange trend line drawn from the May 2006 highs. The $26.50 level is the next area of resistance. A stop-loss should go below the most recent pivot low at $24.37.

A Smaller Focus

If you want to concentrate all your efforts into one commodity, then I believe the

United States Oil Fund LP

(USO) - Get United States Oil Fund LP Report

TheStreet Recommends

, which tracks the price of crude oil, offers the greatest potential. Here's the daily chart.

United States Oil Fund LP

Click here for larger image.

Source: The

As we all know, crude oil sold off pretty hard over the summer and into the early fall months. But the downside momentum in USO has been rather nonexistent for about six weeks now. The lack of significant down-thrust pivots suggests a waning in selling pressure, as prices have mostly stayed within the lower confines of the price channel. In addition, USO has been under accumulation over the past six weeks, and the on-balance volume indicator in the middle panel is now leading prices higher.

The breakout over a triple top, or three pivot points, would come on a high-volume close at $54.18. This is also a low-volatility setup, and I believe a breakout could lead to a sustainable price move. The first area of resistance is at $65. A suitable yet tight stop loss would be at $53.18.

The last way to gain commodity exposure is through a country-specific play, such as the

Templeton Russia and East European Fund


, a closed-end fund that invests in securities of that region. This fund has about 40% of its assets invested in energy and materials. A daily chart of TRF is shown below.

Templeton Russia and East European Fund

Click here for larger image.

Source: The

TRF is well off its highs of May 2006. Since July, price has been within a pretty well-defined range. (See the gray box in the chart above.) Price is still below the 200-day moving average. Prices have been consolidating into a low-volatility squeeze, and they have already closed over three prior points, so I would consider this a breakout.

However, volume has not been supportive. As prices move higher, I would like to see a pickup in trading volume. A stop loss would be below $67.50. A true breakout -- higher prices and strong volume -- may send prices back to resistance at $78.

At the time of publication, Lerner was long PowerShares DB Commodity Index Tracking Fund, United States Oil Fund LP and Templeton Russia and East European Fund, although holdings can change at any time.

Guy Lerner is an anesthesiologist and freelance writer who trades for his own account. He blends technical and fundamental analysis to find factors that lead to sustainable moves in the markets. Lerner's approach is research-driven and focuses on supply-demand issues, investor sentiment, intermarket relationships and monetary liquidity. He is a member of the Market Technicians Association and is the founder of

, a Web site that offers content, commentary and strategies for investors and traders. Under no circumstances does the information in this commentary represent a recommendation to buy or sell stocks. He appreciates your feedback and invites you to send your comments by

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