Bespoke's Commodity Snapshot (8/26/10)
Hickey and Walters (Bespoke) submit:
Below we highlight our trading range charts of ten major commodities. In each chart, the green shading represents between two standard deviations above and below the 50-day moving average. Moves above or below the green zone are considered overbought or oversold. Both oil and natural gas have moved well into oversold territory recently. After trying to recover in 2010, natural gas appears right back to its old ways of consistently going down. Gold and silver have both moved higher recently as worries about the economy persist. Both are right at the top of their respective trading ranges. Platinum, which is more tied to the economy, has been trading sideways recently and is right in the middle of its range. After spiking in July and early August, wheat has pulled back in recent weeks, but it's still closer to the top of its range than the bottom. Corn remains near the top of its range, coffee has moved to neutral territory, and orange juice is now oversold.Complete Story »
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