Commodity Focus: Technical View for May 13, 2014
Suparna / 13 May 2014
Bullions are trading on a negative note today as both Gold and Silver opened to negative sentiments. Crude Oil witnessed some signs of recovery from yesterday trading session and came around the technical level of 6040. Natural Gas future witnessed a positive trade today and still continues on that, whereas Copper future is consolidating around the levels of 415-420.
Gold June future opened on a negative sentiment in the morning trading session. In the present scenario Gold future is trading below its technical level of 28500 and it looks to sustain below this level. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28450/28400 will act as a major support level for further sessions. On the other hand, 28540/28600 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28500.
Silver May future is currently trading in negative scenario, but it is stuck around the technical level of 42000. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade below 42000. However, it has a support level around 41700/41550. On the higher side, 4220 will be the major resistance levels. MACD indicator is looking negative only below 42000 levels.
Crude Oil witnessed some signs of recovery from yesterday’s trading session and came around the technical level of 6040. On the lower side, the major support is 5980/5960 and on the higher side, 6060/6085 will be the major resistance levels. MACD indicator is looking positive above the technical level of 6050.
Natural Gas future witnessed positive move in today’s trading sessions. Going ahead, it may touch a further higher level, if it breaks today’s level which is also the major hurdle at Rs 267.30. On the lower side, 264/261 will be the vital support levels. On the other hand, 271/272.80 will be the major resistance level. MACD indicator is looking positive above the level of 268.
Copper future consolidates around the levels of 415-420. Till copper future is trading between these levels, it is indicating that copper is in for some range bound trade. On the current scenario the level of 415 will act as a vital support level for further trade. On the higher side the level of 418.80/421 will be the major hurdles level. MACD indicator is negative till it’s trading below 420 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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