Commodity Focus: Technical View for February 28, 2014
Suparna / 28 Feb 2014
Gold April future witnessed upward movement, where above 30200 it may consider to make new tops on the intraday basis. Silver March future opened in the range bound scenario, with major hurdle at 46700. Crude Oil has been witnessing a positive scenario from the last few consecutive days. Natural Gas future witnessed a perpendicular fall in future prices. It is looking negative till it’s trading below 282. Copper continued with the range bound momentum around 441-444. It is looking bearish below 439 level.
Gold April future witnessed some profit booking from the morning trading session and is sustaining above the technical level of 30000. It’s indicating that Gold future has major support on the lower levels. If Gold Future continues to remain above the current level, which is 30200, it may consider making new tops on the intraday basis. The levels of 30270/30350 will be the major barriers on the upper side. On the other hand 30150/30020 will be the immediate support level. MACD indicator is indicating a positive move ahead.
Silver March future opened in the range bound scenario. It is stuck around the higher level of 46800/47000. If Silver future crosses and sustains above these levels, it may move more upside in further trading session. The immediate support level for further trading session will be around 46200/45850. MACD indicator is suggesting positive move for the day only, above 46700 level.
Crude Oil witnessed a positive scenario from the last few consecutive days. In the current scenario, oil future is looking to sustain on the higher level which is the technical level of 6300. On the positive side, it may cross the level of 6400 on today’s session. On the other hand the vital level on the lower side will be 6300 and 6270. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed a perpendicular fall in future prices. We are expecting this scenario to continue and had also mentioned to traders to stay cautious on the higher side. From the level of 341, we are on the selling side in Natural Gas Future in February expiry session. Going ahead for the intraday basis, Gas Future may remain in the selling pressure till it’s trading below 282 level. The immediate levels on the lower side will be 274/269. On the other hand 284 will be the major hurdle. MACD indicator is looking negative till it’s trading below 282.
Copper continued with the range bound momentum around 441-444. Going ahead, one may see to break theses level on the either side for the big move. If copper future breaks the vital support level which is 439, the doors open for the bears around the level 435/431. If it sustains above the level of 441 it may continue with the range bound momentum. MACD indicator is looking bearish below 439 level.
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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