Commodity Focus: Technical View for February 10, 2014
Suparna / 10 Feb 2014
Bullions are looking in positive territory in the current session. Crude Oil broke the consolidation phase around 6080-6150 and as per our expectation it witnessed a one side positive move. Natural Gas was a surprise to traders after it witnessed an unexpected and a very choppy movement. Copper witnessed positive scenario for morning trade, may see more highs around the level of 449-451.
Gold is looking in positive territory in the current session. The Gold April future is trading around the technical level of 29000. Going ahead, if it sustains above today’s higher level which is 29005, it may notice more tops in further trading session. On the other hand the immediate supports level will be 28910 and 28860.MACD indicator is indicating mildly positive move ahead.
Silver is looking mildly positive in the current scenario. It broke the technical level of 44500 in the morning session. Currently, Silver March future is trading around 44800 and is stuck around the technical level of 45000. Going ahead if it sustains above 45000 levels, might see more uptrend of around 44350/44600. The immediate support is today’s lower level which is 44487 and below that is 43950. MACD indicator is suggesting positive move for the day.
Crude Oil’s last consecutive trading session for the February future was trading in consolidation phase of around 6080-6150. In our last update we had mention the oil future, expecting some one side moment on either side. And we all witnessed superb up move to break the entire technical hurdle to form a bullish pattern on the chart around 6200. Going ahead one can assume to continue with this positive scenario. On the higher side 6240 and 6280 will be the major barriers for intraday trade. However 6160 will be the major support level. MACD indicator is looking positive for further trading session.
Natural Gas traders were surprised after witnessing the unexpected and a very choppy trading respective of the February future. The last few trading session saw this commodity making huge loss of buyers as well as sellers. Going ahead, if it continues to sustain below the technical level of 300 it may see more deep dives. On the other hand 302 and 305 will be immediate resistance levels. MACD indicator is looking negative.
Copper witnessed positive scenario for morning trade. We are also positive till it trades above the technical level of 442. Going ahead copper may see more highs around the level of 449-451. And from these level again we may observe some profit booking. The immediate supports for further trading session will be 444 and 442 respectively. MACD indicator is suggesting positive move.
NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.