This note is a guest contribution from Bespoke Investment Group.
Below we provide trading range charts of ten major commodities. In each chart, the green shading represents between two standard deviations above and below the 50-day moving average. Moves above or below the green zone are considered overbought or oversold. As shown, oil is currently at the top end of its trading range, while gold has moved into oversold territory. Silver is also at the bottom of its trading range, while platinum and copper are at the top of their ranges. And wheat and copper have done exceptionally well recently. Wheat has basically gone vertical, and coffee has made a significant breakout out of a long-term sideways trading pattern.
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