Oil is Overbought

Tuesday, October 13, 2009

Bespoke have just posted their commodity snapshot in their website. Oil is way overbought.

"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." in B.I.G. Website

Petroleum Oil Gas info Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.


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