Commodity Focus: Technical View for April 21, 2014
Suparna / 21 Apr 2014
Bullions are trading in the red zone with Gold June Future trading negative and making a low at the technical level of 28300, Silver too is trading with negative scenario. Crude Oil also witnessed negative trade around the technical level of 6300. Natural gas was nominal negative, whereas Copper continues to trade in consolidation phases.
Gold June future opened on a negative note and made a low around the technical level of 28300. Gold future does not look to sustain on the higher level for current trading session. Going ahead, Gold future has the major support at level of 28270/28200. If it breaks this level, may see more downward move to make new lows. On the higher side, 28450/28530 will act as a major resistance level for further sessions. MACD indicator is indicating a negative move below the level of 28282.
Silver May future is currently trading with negative scenario, and it also made low below the technical level of 42000. Silver future seems to be sustaining below this level. Going ahead, it may extend its profit booking trade to make new lows. On the lower side, 41700/41480 will be the vital support levels. On the other hand 42500/42740 will be the major resistance levels. MACD indicator is looking negative only below 42000 levels.
Crude Oil witnessed negative trade around the technical level of 6300. On the lower side, the major support is 6270/6245 and on the higher side, 6330/6350 will be the major resistance level. MACD indicator is looking negative below the technical level of 6300.
Natural Gas future witnessed nominal negative trade in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s low which is at 286. On the lower side, 285/283 will be the vital support levels. On the other hand, 287 will be the major resistance level. MACD indicator is looking negative below the level of 286.
Copper continues to trade in consolidation phases to trade around the technical level of 405. Going ahead this will act as a pivot level for further trade. If it sustains above the technical level of 406/408, it may see some positive scenario and touch the technical level of 410. On the other hand 403/401 will be the major support levels. MACD indicator is positive above 405 level.
NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.
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