Commodity Focus: Technical view for January 27, 2014
Suparna / 27 Jan 2014
Bullions are looking positive, for day trade. Copper may see bullish trade above 460 levels. Natural Gas made a life time high of January expiry today. Crude Oil may continue with the current positive scenario to form new top.
Gold is looking positive from morning trading session and may continue with current scenario. It took support around the 29500-29650 levels, may see more buying for further intraday trade. On the higher side, levels of 29770 and 29820 will be the major barriers. MACD indicator suggests that momentum is on the buying side and also expect small bounce from current level.
Silver is looking positive as it took vital support around 44500 levels. On the higher side, it is getting stuck around the psychological levels of 45000- 45500 level. Once the Silver crossed these hurdles it may surge to 46000 levels. MACD analysis is also suggesting buying, if it sustains at higher level.
Crude Oil may continue with the current positive scenario to form new top if it breaks the major resistance levels of 6120 and 6145. Alternatively, it may face some profit booking only if it breaks and sustain below the technical level of 6050 on lower side. MACD indicator is looking mildly positive bias.
Natural Gas made a life time high of January expiry today and broke the technical level of 330. Going ahead, 342-345 will be the major hurdles for intraday trade. The immediate support level will be 335 and 333. However MACD indicates bullish trade, trader advice to conscious on higher levels.
Copper may see some consolidation trades around current levels of 455-460.Its having vital support at 454 and 452 levels for further trade. Trader may bullish move above 461. MACD indicator also suggesting positive move ahead.
NOTE:- This above information is only an overall technical view of respective commodity. Please do not consider as recommendation.
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