Commodity Focus: Technical View for February 26, 2014
Suparna / 26 Feb 2014
Gold future witnessed profit booking from today’s morning session, whereas Silver March future opened on a weaker note, trading below the technical level of 48000. Crude Oil had a substantial uptrend as it crossed the technical level of 6300. Natural Gas is looking moderately positive, while copper witnessed some range bound trade hovering around the 446 level
Gold April future witnessed some profit booking from today’s morning session and is trading below the technical level of 30200 making a low at 30112 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 30070/29980. On the on the hand the level of 30250 will be a major resistance for further trading. MACD indicator is indicating a negative move ahead.
Silver March future opened on a weaker note, trading below the technical level of 48000. If silver future sustains below this level it may form a new intraday low around 47470/47250. On the other hand the level of 48000 will be the trade changer level for positive direction. MACD indicator is indicating a negative move ahead.
Crude Oil future witnessed massive uptrend as it crossed the technical level of 6300 and made a high above 6350 level. Going ahead oil future may continue with their upward momentum. However one may see some small profit booking on the higher level. The levels of 6370/6390 will be the major barrier for further trading session. On the other hand 6320/6280 levels will provide vital supports. MACD indicator is looking positive for further trading session.
From last couple of updates we had mentioned that stay away from Natural Gas, as we are expecting a perpendicular fall in the future prices. And that’s what we all witnessed as the commodity was on the level of 290 on closing basis. But the big question is what to do in current position? And the answer is one can buy this natural gas future if its crosses the higher level of 291. On the higher side 294/298 will be the major resistance and on the lower side 281/278 will be the major support level. MACD indicator is looking moderately positive for further trading session.
Copper, witnessed some range bound movement in the last few trading sessions around 443-447. It is hovering around the level of 446 in current scenario. On the higher side Copper has selling pressure from the 449 level, on the other hand the level of 442-439 will be the major support level. We are expecting one side moment on either side to breaks these level. 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.
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