Bespoke's Commodity Snapshot (4/23/09)

Below are our trading range charts for ten major commodities. The green shading represents 2 standard deviations above and below the commodity's 50-day moving average. When the price moves above or below this green shading, the commodity is in extreme overbought or oversold territory.

As shown, after reaching overbought territory a few weeks ago, oil has pulled back to just above the middle of its trading range. Natural gas, on the other hand, can't get out of the downtrend that it has been in since last June. After trending higher since last October, gold and silver have recently moved to the bottom of their trading ranges, but they bounced nicely off of oversold territory a couple days ago. Platinum has held up better than gold and silver and is closer to the top of its trading range than the bottom. Copper continues to trend higher, along with orange juice, while corn, wheat, and coffee are in a sideways trading pattern.

Comments

[YO HARVESTT:]

asdfsdaf

Apr 23 11:25 AM

[ValueInvestor:]

These charts mean nothing.

Apr 23 02:41 PM

[Tiger8:]

So what position do you take by looking at these charts?

Apr 24 09:40 AM

[$OMALIA:]

Buying and selling by this chart will put you into bankruptcy fast.

Apr 24 02:14 PM

[granger:]

Good stuff as always. Enjoy your chart summaries. Keep it coming.

Apr 25 09:25 AM

[Freya:]

LME copper inventory has dropped another 18,000 tonnes or so over the last 3 days. This continues, sooner than later it will be noticed.

Apr 23 11:52 AM