Commodity Focus: Technical View for February 06, 2014
Suparna / 06 Feb 2014
Bullions are looking positive in present scenario. Crude Oil is consolidating in a wide range which is 6080-6140. Natural Gas witnessed extremely volatility in last day trading session, looking bullish above current level which is 333. Copper may trade mildly positive only if it sustains above 443 levels.
Gold is looking positive in present scenario, currently trading near 28800 levels. If it sustains on higher levels it will look to appreciate further. Gold has taken major support around the lower levels which are 28665 and 28550. 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 28850.
Silver is looking bullish in current scenario. It had stuck around the level of 44800. On the lower level silver has a vital support around 44500 and 44380 levels. On the higher side 45000-45280 will be the major barriers. MACD indicator is looking bullish only to sustain above 45000 levels.
Crude Oil witnessed some positive momentum in today’s session. It’s consolidating in a wide range which is 6080-6140. The level of 6100 will be the pivot level for further trading session. It may cross 6150 levels to make new high around 6180-6200. Alternatively 6080 will be the major support level. MACD indicator is also looking bullish if it breaks and sustains above 6150.
Natural Gas witnessed extreme volatility in last day trading session. Yesterday it made high near the upper circuit around 359 and again came near the support level which are 334 and 325 levels. Our view continues to be bullish on natural gas till it is closing above 330. Going ahead, it may continue to trade in positive scenario to make more tops. The level of 340 and 348 will be the major barrier for further trading session. MACD indicator is looking bullish above current level which is 333.
Copper may see small correction from current level as it’s stuck around the level of 440. It witnessed good supports at the lower level around 439. Going ahead one can expect small bounce to touch the level of 445-447. However, on the other hand 439-437 will be vital support level for further session. MACD indicator is mildly positive only if sustained above 443 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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