Commodity Focus: Technical View for February 13, 2014
Suparna / 13 Feb 2014
Bullions are looking negative in today’s trading session. Silver March future is open and trades below the technical level of 45000. Going ahead, if it sustains below 44500, might see more down trend. Crude Oil is mildly negative, trading above the technical level of 6200. Natural Gas witnessed positive scenario in today’s trading session, while copper traded around the consolidated phase which is around 442-447.
Gold April Future opened flattish with some negative note on today’s session. It’s hovering around the level of 29150. Going ahead, if Gold future holds the technical levels of 29000, it may continue with the positive momentum. Immediate resistance levels for further trade will be 29170 and 29240. Alternatively, the level of 29062 a lower level of today’s trade will be a vital support. MACD is indicating positive move ahead.
Silver March future is open and trades below the technical level of 45000. It made a low of around 44618. Going ahead, if it sustains below 44500, might see more down trend of around 44380/44050. On the other hand, Silver March futures have major resistance at higher levels which are 45000 and 45280. Today one can expect on side movement, either it breaks today’s higher level or lower level. MACD indicator is also suggesting negative move for the day.
Crude Oil opened on mildly negative note, however it’s trading above the technical level of 6200.Going ahead, and it may see some profit booking on the higher level to touch the level of 6180/6165. On the higher side 6230 and 6245 will be the major barriers for intraday trade. MACD indicator is looking positive for further trading session.
Natural Gas witnessed positive scenario in today’s trading session. It’s sustained above the technical level of 300 and also made high around 312.90. If Natural Gas holds at current juncture at 310, one can expect it to break today’s higher level to make new tops. Going ahead 314.40/317 will be the major barriers for further trading session. The immediate supports level will be 304/310. MACD indicator is looking positive.
Copper continues trading in consolidating phase which is around 442-447. One can get a clear picture after it breaks and sustains one of these levels. On the higher side 445/447 will be major resistance, however 441 and 439 acts as a major support level. MACD indicator is looking positive at current level which is 446.50.
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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