Oil is Getting Overbought

Tuesday, October 13, 2009

Which commodities are overbought and which are oversold?

I found this analysis on the Bespoke Investment Group website. They usually post some interesting research on their website.

"The green shading represents between 2 standard deviations above and below the commodity's 50-day moving average. When the price moves outside of this green shading, the commodity is considered overbought or oversold. Oil is pretty close to the top of its trading range, and the last time it moved above the green shading, it pulled back pretty quickly. Natural gas is the closest to oversold territory and continues to trend downward. Gold, silver, and platinum have broken their uptrends recently and are approaching the bottom of their trading ranges. Copper, corn, wheat, orange juice, and coffee are closer to the top of their range than the bottom."

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