Bespoke's Commodity Snapshot (7/8/09)

Below we highlight our trading range charts of ten major commodities. The green shading represents between two standard deviations above and below the commodity's 50-day moving average, and a move above or below this green shading is considered overbought or oversold.

On the energy front, oil and natural gas have declined quite a bit over the last week. Oil remains in the center of its trading range, however, while most other commodities are now in oversold territory. Gold, silver and platinum have all pulled back sharply since early June, while corn, wheat, and coffee have fallen off a cliff. The one commodity that has bucked the overall downtrend is orange juice. It was in oversold territory just a couple of weeks ago, but it has rallied nicely in recent days.

click to enlarge

Comments

[Larry House:]

The charts of gold and silver are very close to a head and shoulders formation.

Jul 08 02:30 PM