Commodity Focus: Technical View for May 15, 2014
Suparna / 15 May 2014
Bullions are trading with negative sentiments today as Gold June future opened on a negative note, whereas Silver May future is also trading in the negative scenario. Crude Oil witnessed some profit booking trade from morning session and came around the technical level of 6050. Natural Gas future witnessed negative move in today’s trading sessions, while Copper future consolidates 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 28600 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, 28450/28380 will act as a major support level for further sessions. On the other hand, 28680/28740 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28600.
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 41650/41400. On the higher side, 42200 will be the major resistance levels. MACD indicator is looking negative only below 42000 levels.
Crude Oil witnessed some profit booking trade from morning session and came around the technical level of 6050. On the lower side, the major support is 5980/5950 and on the higher side, 6085/6120 will be the major resistance levels. MACD indicator is looking negative below the technical level of 6050.
Natural Gas future witnessed negative move in today’s trading sessions. Going ahead, it may touch a further lower level, if it breaks today’s level which is also the major support at Rs 257.60. On the lower side, 255/253 will be the vital support levels. On the other hand, 261/273.70 will be the major resistance level. MACD indicator is looking negative below the level of 257.60.
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 417/420 will be the major hurdles level. MACD indicator is negative till it is trading below 415 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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