Below we highlight our trading range charts of ten major 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 extremely overbought or oversold.

Commodities have taken a back seat to stocks in recent weeks. As equities charge higher, commodities have mostly traded sideways. The only commodity shown that appears to be in a strong uptrend is platinum. While platinum has been strong, gold and silver have been trending lower. The auto industry has been strengthening lately, which could be a reason why platinum is outperforming the other precious metals (platinum is used in catalytic converters).

Of all the commodities, natural gas looks the worst. It is in a steep downtrend and is trading right at the bottom of its range. Is natural gas due for a bounce?

Finally, agriculture commodities like corn and wheat have really been performing horribly lately. Both are in nasty downtrends. (Click HERE to view larger charts)

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