Commodity Focus: Technical View for March 20, 2014
Suparna / 20 Mar 2014
Bullions continue to trade in the negative zone with Gold April future remaining below the technical level of 30000 and Silver May future making a low at 44800. Crude Oil witnessed a positive move and sustained above the level of 6100. Natural gas future observed a negative trade today, while Copper broke its major support level at 400.
Gold April future continued to trade in the negative zone from the last couple of session. It remained below the technical level of 30000 and also made low below the vital support level at 29800. Going ahead, Gold future may see an extension with the current momentum to make new lows. On the lower side, 29700/29640 will act as a major support level for further sessions. On the other hand, 29900/30020 will be the major hurdle. MACD indicator is indicating a negative move only below 29800 level.
Silver May future is currently trading in the negative scenario, making a low at the level of 44800. It seems to be sustaining below the technical level of 45000. Going ahead, if it breaks today’s lower level it may touch the level of 44000. On the lower side, 44250/43980 will be the vital support levels. However, on the higher side, 45100/45400 will be the major resistance levels. MACD indicator is looking negative below 45000 level.
Crude Oil witnessed positive move after it sustained, above the level of 6100. On the higher side, the major hurdles are 6130/6155 and on the lower side, 6080/6050 will be the major support levels. MACD indicator is looking positive for further trading session.
Natural Gas future witnessed negative trade in today’s trading sessions. Going ahead, it may see the more lower level, if it breaks today’s lower level, which is 268.40 On the lower side, 267/264 will be the vital resistance levels. On the other hand, 270 will be the major resistance level. MACD indicator is looking negative below the level of 270.
Copper broke its major support level which was at 400 and also made low around 393 in last trading session. If Copper future continue to trade around this level it may again touch the lower level of 393-389. On the other hand, if it comes above 402 it may again touch 405. MACD indicator is bearish if sustained below 400.
NOTE:- The above information is only an overall technical view of the respective commodities. Please do not consider them as a recommendation.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.