Bespoke's Commodity Snapshot (11/5/08)

Below we highlight our trading range charts for ten major commodities.  The green shading represents two standard deviations above and below the commodity's 50-day moving average.  Moves outside of this trading range are considered to be overbought or oversold. 

After trading at the bottom of its trading range for weeks, oil has finally ticked up a bit in recent days, although it still remains much closer to being oversold rather than overbought.  Natural Gas has also bounced nicely off of the bottom of its trading range in recent days, and it just broke above the short-term downtrend it had been in since early August.  Every other commodity is also trading closer to the bottom of its range than the top.  These things have a long way to go to get back into the strong uptrends they were in for so long before the commodity bubble burst this Summer.

click to enlarge

 

 

 

 

Comments

[directcommu...:]

due for a bounce on all com's

2008 Nov 11 12:43 AM