by Bespoke Investment Group
With oil surging into the $100s and then pulling back $3 today, we feel that now is as good of a time as any to publish our commodity trading range charts. In each chart below, the green shading represents between two standard deviations above and below the 50-day moving average. Moves above or below the green shading are considered overbought or oversold.
As shown, even after today's pullback, oil remains at the very top of its trading range. Even a pullback to $90 would only put oil in the middle of its trading range. The other energy commodity shown -- natural gas -- is at the bottom of its trading range, which is nothing new.
Like oil, both gold and silver are down a bit today, but they are still right at the top of their trading ranges as well. The other precious metal -- Platinum -- hasn't done nearly as well as gold and silver lately, and it is closer to the bottom of its range than the top.
Copper had been trading in a very nice uptrend, but just recently it has taken a big turn for the worse. After forming a head and shoulders pattern, copper has now broken key support and is trading into oversold territory. Wheat is also now trading into oversold territory. Coffee, on the other hand, continues to soar.
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