Commodity Focus: Technical View for March 10, 2014
Suparna / 10 Mar 2014
Gold April future saw some negative scenario in today’s opening session, making a low below the technical level of 30000. Silver May future is currently trading on a negative note, below the level of 46000. Crude oil observed a nosedive trade during the intraday trade, while Natural Gas saw some recovery from the lower ends. Copper had a perpendicular fall and also made a new life time low in April expiry contract.
Gold April future saw some negative scenario in today’s opening session. It made a low below the technical level of 30000 and currently hovers around the same level. Going ahead, this level may be considered as pivotal level for further trading session. If it breaks today’s lower level, it may see more falls to touch the levels of 29950/29880. On the other hand 30150 will act as a major hurdle for further session. MACD indicator is indicating negative below 30000 level.
Silver May future is currently trading with a negative note which is below the technical level of 46000. It made a low around 45570, which is the major intraday support level. Going ahead the intraday chart is indicating negative diversion below the technical level of 46000. On the down side 45550 will be the vital support level. However on the higher side 46400/46800 will be the major barriers. MACD indicator is looking negative below 46000 level.
Crude Oil witnessed nosedive trade after mid-session. Oil future broke the major support which was at 6200 level. Going ahead on the lower side the major support levels are 6155/6120 and on the higher side 6245/6260 will be the major hurdle. MACD indicator is looking negative for further trading session.
Natural Gas future had some recovery from the lower ends in today’s trading sessions. Going ahead it may see some positive trade if it breaks today’s higher level which is 290. On the higher side 292/295 will be the vital resistance levels. MACD indicator is looking positive till it remains above the level of 285.
Copper witnessed perpendicular fall in today’s opening session and also made new life time low in April expiry contract. We hope our readers may cash in to make handsome profits in this counter, as we are suggesting selling from 439 level. Going ahead, it may continue with current negative scenario to make new lows or it may see some stagnant movement around 410-413. For the further trading session the level of 405/402 will be the vital support level and closing above 415 may see some small recovery in copper prices. MACD indicator is looking bearish below 415 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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