Commodity Focus: Technical View for February 19, 2014
Suparna / 19 Feb 2014
Bullions opened to some negative scenario on today’s session. Crude Oil future gained a massive upward momentum. Natural Gas witnessed an upper circuit in today’s trading session to surge above 25 points and broke a major resistance level of 365. Copper was range bound to trade around 451.
Gold April future opened on some negative scenario on today’s session. It broke the technical level of 30000 and made low at 29752. Going ahead, if Gold future sustains around current level which is 29900, it may continue with the negative momentum to make new lower level for today’s trading session. Alternatively, the technical level of 30000 acts as a pivot level. It might witness good recovery to touch the intraday high at the level of 30150. MACD indicator is indicating a negative move ahead.
Silver March future opened on a weaker note. It also broke the technical level of 47500 and made low around a crucial support level of 47381. Going ahead, if it sustains below 47700 we might see more profit booking trade to touch the level of 47250/47050. On the other hand, Silver March futures have major barriers at higher levels which are 47900 and 48100. Today one can expect the silver future to extend their profit booking scenario. MACD indicator is suggesting negative move for the day.
Crude Oil future witnessed massive upward momentum from today’s morning session. From last few trading session we are continually suggesting positive scenario in respective commodity. And crude oil traded exactly as per our expectation. Going ahead, our stand will remain that the particular commodity will continue to trade in positive side till it’s closing above 6300 level. For further trade 6420 and 6440 will be the major barriers. MACD indicator is looking bullish for further trading session.
Natural Gas future witnessed upper circuit in today’s trading session. Its surges above 25 points a broke a major resistance level of 365. This level scenario indicating bullish move for further trading session. Going ahead 370/374 will be the major barriers for further trading session. The immediate supports level will be 365/ 361. MACD indicator is looking bullish for further trading session.
Copper, witnessed a hovering around the 450 level on current trading session. However it’s made a top at 453.20 but again it came below the level of 451 which was a vital resistance level. If it trades and sustains below the technical level 450 it may see a fall to touch the level of 448/446 level. Alternatively it has a vital resistance level which is around 451/453. If copper future crosses this level one can consider a bullish move for further trade. The MACD indicator is looking mildly negative at current level which is 450.50.
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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