Commodity Focus: Technical View for May 21, 2014
Suparna / 21 May 2014
Bullions are nominally range bound today with Gold June future opening on a positive sentiment and Silver May future also showing some mixed scenario. Crude Oil witnessed superb positive trade from morning session and came above the technical level of 6080. Natural Gas future witnessed positive move in today’s trading sessions, whereas Copper future continued with bearish sentiment below 410 level.
Gold June future opened on a nominally positive sentiment in the morning trading session. However in the present scenario Gold future is trading below its technical level of 28100 and it is expected to sustain below this level. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28050/27980 will act as a major support level for further sessions. On the other hand, 28150/28200 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28100.
Silver May future is currently trading in negative scenario, but it is stuck around the technical level of 41000. Going ahead, if Silver future breaks and sustains this lower level, it may see more negative trade below 41000. However, it has a support level around 40770/40540. On the higher side, 41350 will be the major resistance level. MACD indicator is looking negative only above 41000 level.
Crude Oil witnessed superb positive trade from the morning session and came around the technical level of 6080. On the lower side, the major support level is 6050/6020 and on the higher side, 6095/6125 will be the major resistance level. MACD indicator is looking positive above the technical level of 6080.
Natural Gas future witnessed positive move in today’s trading session. Going ahead, it may touch a further higher level, if it breaks today’s level which is also the major resistance at Rs 268.80. On the lower side, 265/263.20 will be the vital support level. On the other hand, 270/271.20 will be the major resistance level. MACD indicator is looking positive above the level of 268.80.
Copper future breaks and sustains below the technical level of 410. It indicated some bearish scenario when it broke the level of 407. In the current scenario, the level of 405 will act as a vital support level for further trade. On the higher side, the level of 410/411.90 will be the major hurdle level. MACD indicator is negative below 408 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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