Commodity Focus: Technical View for February 03, 2014
Suparna / 03 Feb 2014
Bullions are looking Dicey from morning trading session but will observe a mildly positive trade for current scenario. Crude Oil continues to witness an upward movement and is held to its 6100 level. Natural Gas witnessed profit booking from morning trading session and traded below the psychological level of 300. Copper may continue to trade in negative scenario indicating bearish signal for further trade.
Gold is looking Dicey from morning trading session but will trade mildly positive for current scenario. It has a crucial support around the 29420-29370 level. There is a possibility that it may see some negative trade from current level (29501) to touch these crucial support levels. On the other hand, if it sustains at current level, the index would continue with the positive scenario. MACD indicator is suggesting buying if it breaks the level of 29550.
Silver is looking slightly positive in current scenario. From morning session it consolidated in the small range of 43200-43500 level. Once if it breaks one of these levels we may see perfect trade from evening session. The intraday charts indicate major support at 43250 and 42900 levels. On the higher side 43550-43700 will be the major barriers. MACD indicator is looking positive only above 43550 level.
Crude Oil continues to witness an upward movement and held to its 6100 level at current session. However it has a major barrier at 6180-6210. Alternatively it took vital support at 6080-6055 level. We may see more positive move above 6130 level. MACD indicator is looking bullish if it manages to holds above 6130.
Natural Gas witnessed profit booking from morning trading session and breaks the crucial support at 300 levels. Going ahead, if it continues to trade below 300, it may see more negative aspect to break today’s lower level which is at 299.30. The immediate support level will be 298 and 295.50. The level of 302 will be the pivotal level for intraday trade. On the other hand 304 and 307 will be the major resistance levels. MACD indicator is suggesting negative move at current level which is 302.
Copper may continue to trade in negative scenario, and it’s below the psychological level of 445. This is indicating a bearish break down at this level. By continuing our view one may expect a big fall in prices. Going ahead, on lower side, it is having vital support at 441 and 439 levels for further trade. MACD indicator is still suggesting negative till it’s trading below 446 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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