Commodity Focus: Technical View for February 17, 2014
Suparna / 17 Feb 2014
Bullions opened on a slightly positive note today and saw an up move of Rs 600. Silver March future opened above the technical level of 47500. While crude oil was positive in today’s trading session, Natural Gas witnessed a bullish move. Copper broke its consolidating phase on the higher side making new top at 450.65.
Gold April future opened mildly positive on today’s session, but after that we saw a massive up move of Rs 600 to touch the technical level of 30,000. In our last update we had cited that for the gold future the doors are open for the level of 29500. At the current levels (29950) it forms a bullish crossover in intraday trade at the level around 29700. The immediate support level for the intraday will be 296980/29550. MACD indicator is suggesting bullish move ahead.
Silver March future opened above the technical level of 47500. It made a bullish crossover in intraday trade at this juncture to surge ahead. Going ahead, if it sustains above 47500, might see more up trend of around 48000/48400. On the other hand, Silver March futures have major support at lower levels which are 47300 and 47100. For today’s session, if it crosses the level of 48000, this is indicating a good positive mid- term up trade in silver future. MACD indicator is suggesting bullish move for the day.
Crude Oil opened on positive note on today’s session. On the lower levels, it took major support around 6200 and 6175. Going ahead, it may continue with some positive scenario to touch the level of 6270/6300. MACD indicator is looking positive for further trading session.
Natural Gas witnessed a bullish move in today’s trading session. From last 3 to 4 trading session we are a on a positive side in natural gas future. Going ahead it may continue with this current positive momentum to touch the level of 340/346. The immediate supports level will be 331/ 328. MACD indicator is looking bullish though traders are advised to stay cushion on the higher levels.
Copper, broke its consolidating phase on the higher side, which was at around 442-447. It made top at 450.65. One may consider this level as a bullish cross over for further trade. Again copper future may touch 453/455 level. Or if it fails to hold on the higher level the major support level will be 447. MACD indicator is looking positive at current level which is 449.
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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