Commodity Focus: Technical View for February 21, 2014
Suparna / 21 Feb 2014
Bullions witnessed a range bound trade from today’s morning session. Crude Oil future witnessed some profit booking from the higher side on today’s trade. The vital support at the downside will be 6365/ 6345. Natural Gas future witnessed a stable movement,, while Copper indicated some sideways movement.
Gold April future witnessed a range bound trade from today’s morning session. However it is trading below the technical level of 30000. Also Gold future made low around its crucial support level which was at 29772 level. Going ahead, this level will act as a major support level. Looking at the current scenario, Gold future may break this crucial support to form new low around the levels of 29500/29380. MACD indicator is indicating a negative move ahead till it is trading below 30000 levels.
Silver March future opened on a weaker note. But it managed to recover from the lower end (from 47250 level). Going ahead, one may consider that silver future takes support around this level to surge ahead. On the other hand, Silver March future has major barriers at higher levels, which are 47850 and 48150. Today one may expect a big movement on either sides, but the clear picture may be seen after the evening trade. MACD indicator is suggesting negative move for the day.
Crude Oil future witnessed some profit booking from the higher side on today’s trade. The oil future opened below the technical level of 6400 and from low around 6365. Going ahead, oil future is looking to extend their loss by making more low levels. The vital support at the downside will be 6365/ 6345. On the other hand, 6405/6430 will be the major barriers for further trade. MACD indicator is looking negative for further trading session.
Natural Gas future witnessed a stable movement on today’s trading session. It witnessed hovering around the same level of yesterday’s closing, which is 385.70. Going ahead, one may take either position for big move after it breaks higher level of lower level. The major barrier on the higher side is 392/397. On the lower side 380/374 will be a major support level. MACD indicator is looking sideways for further trading session.
Copper, witnessed some range bound movement in the last few trading sessions. It is hovering around the level of 450. On the higher side Copper has selling pressure from the 452 level. On the other hand, on the level of 447, we witnessed some buying to close around 450 level again. Taking into account all this, stay away from Copper for today’s session, till it breaks and close these levels. MACD indicator is looking mildly positive.
NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.