Bespoke's Commodity Snapshot (5/12/08)
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Energy prices have diverged from the rest of the commodity sector. As shown in our trading range charts below, both oil and natural gas are once again trading more than two standard deviations above their 50-day moving averages, which is extreme overbought territory. Gold and silver remain in short-term downtrends, while platinum surprisingly broke out of a sideways trading range last week. Corn is overbought, while wheat and coffee have settled down after huge runs a couple of months ago. And don't look now, but orange juice prices are finally starting to pick up. OJ recently broke out of one downtrend and is now closer to the top of its trading range than the bottom.
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This article has 3 comments:
The oil chart looks very orderly compared to some of the others.