Commodity Focus: Technical View for March 03, 2014
Suparna / 03 Mar 2014
Bullions future saw a gap-up opening in today’s morning session and may continue with the current positive scenario. Crude Oil witnessed a massive up move. Natural Gas future witnessed trade in the narrow range around 290-293 in today’s session.Copper broke its major support level at 440, may see a perpendicular fall if it remains below this vital support level.
Gold April future saw a gap-up opening in today’s morning session. From last few trading session it has sustained to close above the technical level of 30000 and form a bullish cross over at 30250. Going ahead one may consider that bulls continue to hold their grip in gold future. However, on the higher side it has a major barrier around 30520/30600 levels. On the lower side immediate supports will be 30200/30140. MACD indicator is indicating bullish move if sustained above 30250.
Silver March future opened around 500 points up from the previous day’s closing level which was at 46362. From last few trading session Silver future is stuck around the technical level which is at 47000. A couple of times we saw profit booking from this major hurdle and the scenario was already mentioned by us in our last update. Going ahead it will act as a pivot level for further move. The major resistance on the higher side will be 47350/47700. On the lower side 46800/46550 will be the immediate support level. MACD indicator looking bullish only above 47000 level.
Crude Oil witnessed a massive up move to make high at 6482 level on today’s session. Currently, oil future is up more than 100 points from previous closing level. From the last few updates we are suggesting a positive movement in oil prices. Going ahead bulls continue to pull crude oil on the higher side to break the technical levels of 6500/6550. On the lower side intraday support will be at 6440/6400. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed trade in the narrow range around 290-293 in today’s session. Going ahead, one may consider a consolidation around the same level in gas future. However gas future has major support levels on the lower side near 289/285. On the other side also it has the technical level of 300 as a major hurdle. MACD indicator is looking positive if it crosses and sustains above the level of 295.
Copper witnessed a fall below its major support level at 440. If copper future remains below this vital support level, doors open for the bears around the level 435/431. One may see a perpendicular fall after the current momentum around 437.50. Copper has the only possibility for some recovery if it closes above the technical level of 440. MACD indicator is looking bearish below 440 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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