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Below are our trading range charts for ten major commodities. For each chart, the green shading represents between two standard deviations above or below the 50-day moving average, and moves above or below the 50-day are considered overbought or oversold.

As shown, oil has finally moved into oversold territory after pulling back from $114.83. Silver, coffee, and copper are the other three commodites that are at or near oversold territory. Gold, on the other hand, has pulled back some but not nearly as much as silver. Gold is still closer to overbought territory than oversold territory. The same is true for corn, wheat, and orange juice.

(Click charts to expand)

Source: Bespoke's Commodity Snapshot