Bespoke's Commodity Snapshot (4/11/08)

Below we highlight our trading range charts of ten major commodities. The green shading represents two standard deviations above and below the commodity's 50-day moving average. Moves above the green shading represent overbought levels and moves below represent oversold levels.

As shown, most commodities found a bottom in recent weeks after sharp declines late in the first quarter. Oil found support at the $100 level and is looking to break through $110 resistance. Metals have also staged rallies in recent weeks as the dollar has struggled, but they haven't moved back into overbought territory yet. Corn is in overbought territory, while wheat, orange juice and coffee are closer to the bottom of their trading ranges than the top.