Bespoke's Commodity Snapshot
Friday, January 22, 2010 at 07:20AM Below we highlight our trading range charts for ten major commodities. The green zone represents between 2 standard deviations above and below the commodity's 50-day moving average, and moves above or below the green zone are considered overbought or oversold.
As the dollar has risen in recent days, most commodities have pulled back quite a bit. As shown, oil has pulled back sharply from the top of its trading range to the middle of its trading range. Gold and silver have moved down to the bottom of their trading ranges, while corn and wheat are now below the green zone. Platinum has also pulled back, but it's still closer to the top of its range than the bottom. Natural gas hasn't gotten hit as hard as other commodities, and it is actually up a bit today.
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