Commodity Focus: Technical View for February 11, 2014
Suparna / 11 Feb 2014
Bullions are in positive territory in the current session. If it breaks today’s high, may see massive upward move. Crude Oil continues with its upward momentum. Natural Gas traded on a steady movement in today’s session. Copper had some profit booking from morning trading and may see more downfall if it sustains below 444. Commodity market is waiting for US wholesale inventories data and the announcement from the new Fed Chairman Jennet Yallen which will come at 8.30 p.m. Market may perceive choppy trade after this news.
Gold is looking in positive territory in the current session. The Gold April future broke the technical level of 29000 and also sustains above this level. Going ahead, if it’s continue to trade at current level which is 29080, may see more upwards move around 29200 and 29280. On the other hand the immediate supports level will be 29000 and 28920.MACD indicator is indicating positive move ahead.
Silver is trading in some consolidation phase around 44350-44800 from last few trading session. From morning session it’s showing small upward move, but stuck at the higher level which is near to 45000. Going ahead, if it sustains above 45000, might see more uptrend of around 44350/44600. We had mentioned the same in our last update. But in yesterday’s trading Silver futures could not sustain on higher levels. Today one can expect some positive move. On the other hand 44600 and 44350 will be the major support levels. MACD indicator is suggesting positive move for the day.
Crude Oil continues with its upward momentum. It forms a bullish pattern on the chart around 6200. Going ahead one can assume this positive scenario to continue. On the higher side 6260 and 6290 will be the major barriers for intraday trade. However 6180 will be the major support level. MACD indicator is looking positive for further trading session.
Natural Gas witnessed steady moment in today’s trading session. In the last few trading session we all saw some choppy trading. Trader’s views still remain dicey on this respective commodity. Going ahead one can see small upward move above today’s high which is at 290.80. The intraday support level will be 287.50/ 284. MACD indicator is looking positive.
Copper witnessed some profit booking from morning trading session. We are expecting this scenario, but it came too early which was around 447 levels. Going ahead if it continues with current negative scenario, copper may fall further if sustained below 444 levels. The vital support level on the chart is 441 and 439, below this level it may see another perpendicular fall in prices. Alternatively, it has major resistance at 445 and 447 levels. MACD indicator is suggesting negative move ahead.
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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