Commodity Focus: Technical View for February 12, 2014
Suparna / 12 Feb 2014
Bullions trade on some negative note in the today’s session and trades around the crucial support levels. Crude Oil carries on with its upward momentum. Natural Gas witnessed positive scenario and surged above the technical level of 300, may rush forward if it is sustained above this level. Copper consolidates around 444-447 level, further trade at 445 will be a pivot level.
Gold April Future opened on some negative note in the today’s session. The Gold is stuck around the higher level though it’s trading above the technical level of 29000. Going ahead, if it continues to trade at current level which is 29040, and sustains below the technical level which is 29000, may see further down fall. On the other hand the level of 29100 and 29140 will be the major resistance for upward move. MACD indicator is indicating positive move ahead.
Silver continues to trade in some range bound move. From morning session it’s hovering around 44600. Going ahead, if it sustains below 44500, might see more down trend of around 44250/44100. Silver March futures have major resistance at higher levels which are 45000 and 45280. Today one can expect some negative move if it breaks today’s low which is 44523. MACD indicator is also suggesting negative move for the day.
Crude Oil carries on 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 6280 and 6310 will be the major barriers for intraday trade. However 6220 will be the major support level. MACD indicator is looking positive for further trading session.
Natural Gas witnessed positive scenario in today’s trading session. Once again it came higher than the technical level of 300, and may surge more if it sustains above this level. Natural Gas February future already made high around 311. If it’s breaks this level, the door’s open for the level of 320. Going ahead one can expects massive up move. The intraday support level will be 301/ 297. MACD indicator is looking positive.
Copper, from last few trading session is consolidating around 444-447. The perfect scenario can only be seen after it breaks and closes each of this level. Till that we may see copper continue with this range bound momentum. The level of 445 will be a pivot one for further trade. On the current level of 445.70 it’s looking to cross today’s high which is 446. MACD indicator is suggesting positive 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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