Commodity Focus: Technical View For February 14, 2014
Suparna / 14 Feb 2014
Bullions opened with a massive uptrend in today’s session. Silver March future opened above the technical level of 45000. Crude oil was mildly negative, which has been the trend from the last few trading session. Natural Gas was bullish in today’s trading session. Copper continues to trade in consolidating phase which is around 442-447.
Gold April Future opened with a massive uptrend on today’s session. It’s given a bullish crossover at 29250 levels. Going ahead, Gold futures will maintain with their positive momentum to make new tops. At the current levels (29300) the doors are open for the level around 29500. The immediate support level for the intraday trade will be 29180/29140. MACD indicator is also suggesting bullish move ahead.
Silver March future is opened above the technical level of 45000. It made a bullish crossover at this juncture to surge ahead. Going forward, if it sustains above 45400, might see more up trend of around 45750/46200. On the other hand, Silver March futures have major support at lower levels which are 45250 and 44980. Today one can expect a one sided upward movement, to breaks today’s high. MACD indicator is also suggesting bullish move for the day.
Crude Oil opened on mildly negative note however it is trading in the same consolidation phase from last few trading session. Going ahead, it may continue with some weakness to touch the level of 6170/6155. 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 a bullish move in today’s trading session. In our last update we had mentioned that Natural Gas is looking very positive to make new tops. Going ahead it may continue with this positive momentum to touch the level of 335/338. The immediate support level will be 325/ 322. MACD indicator is looking bullish though traders are advice to stay cushion on the higher levels.
Copper continues trading in consolidating phase which is around 442-447. But on today session one can presume to cross its major hurdle at 447 and touch the level of 450 again. The level of 450 is a bullish sign for copper for further trading session. On the other hand 443/441 will be the immediate intraday support levels. MACD indicator is looking positive at current level which is 446.
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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