Commodity Focus: Technical View for March 11, 2014
Suparna / 11 Mar 2014
Gold April future saw some recovery in today’s opening session. Silver May future is currently trading with a positive note, above the technical level of 46000. Crude Oil future broke the major resistance at 6180 level. Natural Gas also had some recovery from the lower ends, whereas Copper witnessed some range bound trade around 412-414.
Gold April future saw a small recovery in today’s opening session. It made a low below the technical level of 30000. However, it managed to recover from the lower ends. Going ahead, it may continue with current positive scenario if it sustains above the technical level of 30250. On the other hand, 30100/29963 will act as a major support level for further sessions. MACD indicator is indicating a positive move only if it sustains above 30200 level.
Silver May future is currently trading with a positive note, which is above the technical level of 46000. It made a high around 46200, which is the major intraday hurdle level. Going ahead, the intraday chart is indicating positive diversion above the technical level of 46200. On the higher side, 46400/46750 will be the vital resistance level. However, on the lower side, 45800/45480 will be the major supports level. MACD indicator is looking positive at 46200 level.
Crude Oil witnessed recovery after mid-session. Oil future broke the major resistance which was at 6180 level. Going ahead on the higher side, the major hurdles are 6220/6240 and on the lower side, 6170/6145 will be the major support. MACD indicator is looking positive 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 285. On the higher side, 294/298 will be the vital resistance levels. On the other hand, 6150 will be the vital support level. MACD indicator is looking positive till it remains above the level of 6150.
Copper witnessed some range bound trade around 412-414. Going ahead, copper future continues with current scenario. On the higher side, it may touch the technical level of 416/418. The level of 410 will act as a major support level of further session. MACD indicator is 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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