Commodity Focus: Technical View for February 20, 2014
Suparna / 20 Feb 2014
Bullions continued to open on some negative scenario from last few sessions. Crude Oil future continues to surge on the upper side. Going ahead oil future may continue to trade in the current range with positive note. Natural Gas future witnessed one of the biggest choppy trades on today’s session. Copper had some profit booking today
Gold April future sustained to open on some negative scenario from last few sessions. It slipped below the technical level of 30000 and made low at 29830. Going ahead, if Gold future does not sustain around the 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 which we had mentioned in our last update also. MACD indicator is indicating a negative move ahead till it is trading below 30000 levels.
Silver March future opened on a weaker note. It remained below the technical level of 47500 and made low around a crucial support level of 47151. Going ahead, if it sustains below 47500 we might see more profit booking trade to touch the level of 47050/46820. On the other hand, Silver March future has major barriers at higher levels which are 47700 and 48050. Today one can expect silver future to extend their profit booking scenario. MACD indicator is suggesting negative move for the day.
Crude Oil future continues to surge on the upper side from last few trading session. From the level of 6250 we had recommended a positive scenario in crude and witnessed the level of 6420. Going ahead oil future may continue with current range-bound trade. For further trade 6440 and 6480 will be the major barriers. Trader may see some kind of profit booking from higher side and that is fairly expected. MACD indicator is looking bullish for further trading session.
Natural Gas future witnessed one of the biggest choppy trades on today’s session. Natural Gas opened on the negative scenario at Rs 15. Then with no respite made it to the upper circuit new high at Rs 395.50 and made low at Rs 366.70. By calculating all these factors, we advise you to avoid trade in respective future. However 385/390 will be the major resistance level. On the other hand 375/368 will be a vital support level. MACD indicator is looking bullish for further trading session.
Copper, witnessed some profit booking trade for today’s trading session. It opened below the technical level of 451 and sustained below 450. Going ahead it has major support at 447 and 445 levels. If it trades below this level the doors are open for the level of 441. For the bulls it has to sustain above 451. On the current level of 448.70 it’s looking negative for further trade. MACD indicator is looking mildly negative.
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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