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Wednesday
Feb202013

Bespoke's Commodity Snapshot

Commodities like gold, platinum and oil are seeing some pretty steep declines today, so below is an updated look at where ten of the largest commodities are currently trading within their normal trading ranges.  For each chart, the green shading represents between two standard deviations above and below the commodity's 50-day moving average.  Moves to the bottom of or below the green zone are considered oversold, while moves to the top of or above the green zone are considered overbought.

As shown below, even with oil's $2+ decline today, it's still in the top half of its trading range.  Oil needs to get down into the low $80s before it becomes oversold.  Platinum is also still in the top half of its range.  Gold and silver, however, have moved well into oversold territory after today's declines.  In fact, they're both now as oversold as they've been in the past year.

The Bespoke 50