Commodity Focus: Technical View for February 18, 2014
Suparna / 18 Feb 2014
Bullions opened in some profit booking trade on today’s session. Crude Oil surged above 6250 which was a bullish crossover of the day, while Natural Gas witnessed positive scenario. One can expect it to make new tops on the higher side. If copper future crosses 451 levels, and sustains above this level one may see a bullish trade for further session.
Gold April future opened in some profit booking scenario on today’s session. It’s hovering around the technical level of 30000. Going ahead, if Gold future does not hold this vital level, it may continue with the negative momentum. Alternatively, if it makes some recovery from current level which is 30020 it may cross today’s higher level of 30150. The Gold further may touch the level of 30220/30270. MACD indicator is indicating a negative move ahead at current level which is 30020.
Silver March future opened with a weaker note of 600 points. It also broke the technical level of 47000 and made low around a crucial support level of 46957. Going ahead, if it sustains below 47000, we might see more profit booking trade to touch the level of 46650/46400. On the other hand, Silver March futures have major barriers at higher levels which are 47600 and 47850. Today one can expect the silver future to extend their profit booking scenario. MACD indicator is also suggesting negative move for the day.
Crude Oil, from last few trading session closed above the technical level of 6200.On today’s session it surged above 6250 which was a bullish crossover of the day. Going ahead, it may see some trade on the higher level to touch the level of 6295/6320. MACD indicator is looking positive for further trading session.
Natural Gas witnessed positive scenario in today’s trading session. From the level of 300 we are positive in this commodity. If Natural Gas holds at current juncture at 343, one can expect to make new tops on the higher side. Going ahead 347/351 will be the major barriers for further trading session. The immediate supports level will be 337/ 334.50. MACD indicator is looking positive for further trading session.
Copper, witnessed some direction less movement on current trading session. One may expect some profit booking on current level which is 449. It also made low around 446.80 which may considered as a major support level for today’s trading session. Alternatively it has a vital resistance level which is around 451. If copper future crosses this level one can consider a bullish crossover for further trade. The MACD indicator is looking mildly 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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