The amazing fall in oil continued this morning, with the commodity falling below $40, $39, and $38. As shown below, oil has now declined from nearly $150 in July to its current price of $37.95.
Below we highlight our trading range charts of ten major commodities. The green shading represents two standard deviations above and below the commodity's 50-day moving average, and moves above this shading are considered overbought or oversold. Most commodities have staged rallies over the last couple of weeks, but energy just keeps on heading lower. Gold and silver are actually trading right at overbought levels, while wheat, platinum and corn aren't far behind. Copper prices continue to get killed, and coffee and orange juice remain in downtrends as well.
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