Bespoke's Commodity Snapshot

Below we have updated our trading range charts for ten major commodities.  The green shading represents 2 standard deviations above and below the commodity's 50-day moving average.  When prices move above or below this range, we consider the commodity overbought or oversold.  As shown, oil's pullback from $135 to $125 barely shows up on its price chart.  Oil is now trading just at the bottom of the short-term uptrend channel formed earlier this year.  The commodity hasn't even been close to oversold since the start of February, and it would have to go all the way down to $98 to be oversold based on its current range. 

Like oil, natural gas is also close to the top of its trading range, but the rest of the commodities we highlight have pulled back recently and are closer to oversold levels.  Copper is the most oversold, while precious metals are getting close to the bottom of their ranges.  Wheat and orange juice continue their downtrends, while corn and coffee are just about neutral.