Bespoke’s Commodity Snapshot (5/21/09)

Hickey and Walters (Bespoke) submit:

Below we highlight our trading range charts of ten major commodities. The green shading in the charts represents between 2 standard deviations above and below the commodity’s 50-day moving average. When the price moves outside of this range, the commodity is considered either overbought or oversold.

As shown below, oil has rallied nicely but it is currently in overbought territory and at the top of its uptrend channel. After staging a comeback in recent weeks, natural gas has sold off again in recent days. Gold and silver have been rallying recently as well as the dollar has declined. They aren’t quite yet above their normal trading ranges, but they’re getting close. Corn, wheat, orange juice, and especially coffee, are trading near or above overbought levels.

Read more »