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February 12, 2009 | By: Bespoke Investment Group |
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Below we provide our trading range charts of ten major commodities. The green shading represents 2 standard deviations above and below the commodity's 50-day moving average. Moves above or below this green shading are considered overbought or oversold.
As shown, oil has once again taken a turn for the worse, and it is currently testing support at its prior lows over the past couple of months. Natural gas remains in a nasty downtrend as well. Metals, on the other hand, continue to surge. Gold, silver, and platinum are all trading at the very top of their trading ranges. They've rallied nicely over the past few weeks, and a further move of 1% to 2% higher will put them at overbought levels. Corn, wheat, orange juice, and coffee are all rangebound at the moment.
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