Commodity Focus: Technical View for February 07, 2014
Suparna / 07 Feb 2014
Bullions are trading around a crucial supports level. Crude Oil continues to trade in the consolidating phase, which is 6070 to 6130. Natural Gas traders witnessed a roller-coaster ride from the last few trading session. For safe trading our suggestion would be to stay-away from this commodity. Copper may see a pull back from the morning trading session.
Gold is looking in positive territory in current session. But on the higher side it has major barriers which are at 28850 and 28940. Going ahead if it does not break these levels it may turn in negative bias. At the current scenario it made low at 28730. If it breaks this level it might see major fall to made new lows. The immediate supports level will be 28650 and 28530. MACD indicator is indicating mildly negative move ahead.
Silver is looking in negative at current scenario. It traded below the technical level of 44500 and also witnessed to sustain below this level. Going ahead it has immediate vital support around 44180 and 43950. If it is breaks these level it may touch 43400 level. On the other hand 44550 will be the major resistance for intraday trade. MACD indicator is suggesting negative move for the day.
Crude Oil is continuing to trade in the consolidating phase from last few sessions, which is 6070 to 6130. Crude Oil is expecting some one sided movement on either side to breaks these levels on the closing basis. Only after this scenario, once may get the clear picture for further trade. For today’s evening session 6070 and 6040 are the major support levels. On the other hand 6100-6120 will be the major resistance level. MACD indicator is also looking mildly negative for further trading session.
Natural Gas traders witnessed a roller-coaster ride from last few trading session. For safe trading, our suggestion would be to stay away from this commodity for a few trading sessions. By looking at today’s trading session, it made low around 296 which is 3.5 % negative. Going ahead, if it sustains below the technical level of 300 it may see more deep dives. On the other hand 305 and 308 will be immediate resistance levels. MACD indicator is looking negative at current level which is 298.
Copper saw a pull back from the morning trading session. In our last update also, we had mention that one can see some bounce back in copper prices and we saw a rally from the level of 442 to 447. Going ahead copper may see more highs around the level of 449-451. And from these level again we may see some profit booking. The immediate supports for further trading session will be 445 and 443 respectively. MACD indicator is mildly positive.
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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