Commodity Focus: Technical View for February 25, 2014
Suparna / 25 Feb 2014
Gold witnessed a range bound trade from morning session. Silver opened to a weaker note. Crude Oil witnessed a consolidation trade in the range of 6350-6400 levels. Natural Gas future observed a perpendicular fall. Copper may extend the selling pressure below 444 level.
Gold April future witnessed range bound trade from the morning session. However it looks to sustain above the technical level of 30000. Going ahead, gold future may continue in the bulls grip to surge further. The levels of 30180/30230 will be the major barrier for the day. However 30070/29980 levels will be the major support level. MACD indicator is indicating a positive move ahead.
Silver March future opened on a weaker note. It is stuck around the higher level which is 48000. Below this level silver future may consider selling pressure. On the higher side if silver future crosses this level one may consider it as a bullish crossover for further trade. The major barrier will be 48150/48450 levels. The immediate support level for further trading session will be around 47400/46950. MACD indicator is suggesting positive move for the day only above 48000 level.
Crude Oil witnessed a consolidation trade in the range of 6350-6400 levels. It may consider continuing with current scenario till oil future trades above the technical level of 6300. The levels of 6360/6390 will be the major barrier for today’s trading session. However on the lower side 6300 will be the vital support level. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed massive amount of profit booking trade on yesterday’s closing session. It saw a perpendicular fall of near Rs 45 to close at 345.40. We are expecting this scenario to continue and had mentioned traders to stay cautious on the higher side. On the current level of 330 it forms a bearish break down to outline more lower levels. On the higher side the levels of 335/341 will be the major hurdles. MACD indicator is looking negative till it’s trading below 341.
Copper, witnessed some profit booking on current trading session which is around 445 level. As we had mentioned this in our last update also if it breaks the consolidation phase which is around the level of 447-451, we might see copper to continue with current momentum. This is because bears may hammer more to make new lower level below today’s low of 444. Below this level the immediate lower level for the copper future is 441/439. The major resistance level will be 447 on the closing basis. MACD indicator is looking 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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