Commodity Focus: Technical View for January 28, 2014
Suparna / 28 Jan 2014
Bullions are looking negative for day trade. Copper and Natural Gas also witness profit booking from higher side. Crude Oil may consolidate in the range of 6030-6100. For today the trade may be choppy after USA President Obama speaks which is at 9 p.m.
Gold is looking negative from morning trading session. However it has a support of around 29450-29400 levels, but may observe more selling if it breaks these levels. On the higher side, levels of 29670 and 29740 will be the major barriers. MACD indicator suggests that momentum is on the selling side.
Silver is looking moderately negative. On the higher side, it is getting stuck around the psychological levels of 45000- 45500 level that we had mentioned in our last update. On the lower side the vital support is around 44300-43930 level. MACD indicator is also suggesting selling, if it sustains at below 44500 levels.
Crude Oil may continue to consolidate in wide range which is 6030-6100. Alternatively, it may face some profit booking only if it breaks and sustains below the technical level of 6000 on lower side. MACD indicator is looking mildly negative bias.
Natural Gas made a life time high of January expiry on yesterday’s trading session. Going ahead, if it continues to trade below 315 it may see more down side to trade lower today which is at 308.60. The immediate support level will be 309 and 305. The level of 317-320 will be the major hurdles for intraday trade. However MACD indicator is suggesting that one might see some bounce if Natural gas sustains above 317.
Copper may see more profit booking, as it could not sustain above 460 levels. It is having vital support at 452 and 448 levels for further trade. Trader may fall if it closes below this level. On the higher side 457-460 will be the major hurdles. MACD indicator is also indicating negative 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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