Commodity Focus: Technical View for February 05, 2014
Suparna / 05 Feb 2014
Bullion has good strength on the current level. Crude Oil and Natural Gas has given a bullish crossover for further trade. Copper continued to trade in small consolidation phase which is at 441-445, going ahead pivot level will be 443.
Gold is looking good on the current level of 28800. It has taken major support around the lower levels which are 28700 and 28580. If it manages to hold the current level we may see upward momentum to break the technical level of 29000 for further trading session. On the other hand, if it does not sustain at the current level, the index would observe to touch their major support level. MACD indicator is suggesting buying if it sustains the level of 28800.
Silver is looking positive in present scenario. It had some bounce from the level of 43800. On the lower level silver has a vital support around 43700 and 43550 levels. On the higher side 44100-44450 will be the major barriers. MACD indicator is looking positive only to sustain above 44000 levels.
Crude Oil has broken all the technical hurdles on today’s session and touches the level of 6150. It has given a bullish cross over at 6100. It may hold the 6180-6200 levels in today’s closing session. Alternatively 6120-6080 will be the major support level. MACD indicator is also looking bullish if it holds the level of 6150.
Natural Gas witnessed an upper circuit in yesterday closing session. In our last update we had mentioned that expect positive move above 316. Natural Gas has given a bullish crossover at 329 level. Going ahead, it may see continues trade in positive scenario to makes more tops. The level of 337 and 339 will be the major barrier for further trading session. The immediate support level will be 331 and 329. MACD indicator is suggesting positive move at current level which is 335.
Copper may continue to trade in small consolidation phase which is at 441-445. Trader’s witnessed good supports at the lower level around 439. Going ahead one can expect to breaks this major support to make new lows. However, on the other hand 444-445 will be resistance level for further session. 443 will be act as a pivot level. MACD indicator is still suggesting negative till it’s trading below 445 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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