Source: Think BIG
With commodities continuing to take it on the chin on a daily basis, below is an updated snapshot of our trading range charts for ten of the most widely followed commodities. For each chart, the green shading represents between two standard deviations above and below the 50-day moving average. Moves above or below the green shading are considered overbought or oversold. As you'll see in the charts, every commodity with the exception of natural gas is currently at or below the bottom of its trading range.
Oil, gold, silver, platinum, and orange juice are the most oversold, while wheat, corn, coffee and copper aren't far behind. If you look at the charts, over the last year, most commodities have bounced when they have gotten this oversold, so we should be due for at least a small rally soon.
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