Commodity Focus: Technical View for January 31, 2014
Suparna / 31 Jan 2014
Bullions are looking volatile in current scenario. Crude Oil continues to witness an upward momentum and holds onto the 6150 level, while Natural Gas observes a wide range on trading but on a negative note. Copper may continue with its negative trading below 450 levels.
Gold (February expiry) is looking volatile from morning trading session. It has a crucial support around the 29520-29440 level. There is a possibility that it will break these levels to form new lows from the current level (29650). On the other hand, if it takes support on the lower levels, the index would continue with the positive scenario. MACD indicator is suggesting buying if it breaks the level of 28730.
Silver is looking choppy and mildly positive in current scenario. On the upper side we may see some profit booking which are also the major barriers at 43700-44150. However, on the lower side it needs to sustain above the technical level of 43500 for further trade. The intraday charts indicate that major support at 43250 and 42950 levels. MACD indicator is looking bullish only above 43700 levels.
Crude Oil continues to witness an upward movement and held to its 6150 level at current session. However it has a major barrier at 6180-6210 level. Alternatively it took vital support at 6110-6080 level. We may see more positive move above 6170 level. MACD indicator is looking bullish if it manages to holds above 6100.
Natural Gas witnessed wide trading range on a negative move from morning trading session. Going ahead, if it continues to trade above 314 it may see more positive aspect to break today’s higher level which is at 316.10. The immediate support level will be 300 and 298. The level of 310 will be the pivotal level for intraday trade. MACD indicator is suggesting negative move at current level which is 307.
Copper may continue to trade in negative scenario, as it made a low below the psychological level of 445.50. This scenario was expected and we had already mentioned in our last update. Going ahead, it may see some bounce back from lower level to touch 448-451 level. On lower side, it is having vital support at 445 and 442.50 levels for further trade. MACD indicator is still suggesting negative till it’s trading below 450 levels.
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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