* Petroleum Oil Gas info Blog *: Is Oil Oversold?

Is Oil Oversold?

Saturday, October 10, 2009

In this charts (Oil, Natural Gas and Gold), the green zone represents prices between 2 standard deviations above and below the 50 day moving average. When prices approach or move above or below the trading range are considered overbought or oversold:

Font: Bespoke Investment Group

Oil and Natural Gas are almost in the Oversold area while Gold is approaching Overbought.

"There has been some big divergence between commodity prices in recent weeks. As shown, oil and natural gas remain at or near oversold levels, while metals and some agriculture commodities are closer to overbought levels.

Natural gas is the most oversold commodity by far, and it has been trickling lower along the bottom of its trading range for months now. Odds are that it will at least make a move to the top of its downtrend channel sometime soon. Oil has been trying to break out of its downtrend recently, as it made a "higher low" on its most recent downturn." in B.I.G.

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2009 ·* Petroleum Oil Gas info Blog * by TNB

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