Commodity Focus: Technical View for March 28, 2014
Suparna / 28 Mar 2014
Gold April opened on a negative note and remains in selling pressure, while Silver May future is also trading in negative scenario. Crude oil witnessed a nominal negative move to touch the technical level of 6100. Natural gas future may touch a further lower level, whereas Copper continues to trade in the consolidation phase which is around 398-403.
Gold April future opened on a negative note and remains in the selling pressure to makes new lows. Gold future also broke its major support level and made a low below the technical level of 28300. Going ahead, Gold future may continue with the current momentum to make new lows. On the lower side, 28220/28150 will act as a major support level for further sessions. On the other hand, 28380/29500 will be the major hurdle. MACD indicator is indicating a negative move below the level of 28350.
Silver May future is currently trading in negative scenario, making a low at the level of 42500. It seems to be sustaining below the technical level of 42800. Going ahead, if it breaks today’s lower level it may touch the level of 43200. On the higher side, 43100/43400 will be the vital resistance levels. However, on the lower side, 42400/41980 will be the vital support levels. MACD indicator is looking negative below 42700 levels.
Crude Oil witnessed nominal negative move to touch the technical level of 6100. On the higher side, the major hurdles are 6125/6140 and on the lower side, 6080/6055 will be the major support levels. MACD indicator is looking negative only below the technical level of 6100. Natural Gas future witnessed some negative trade in today’s trading sessions. Going ahead, it may touch a further lower level, if it breaks today’s lower level which is 269.60. On the lower side, 269.50/267 will be the vital support levels. On the other hand, 274 will be the major resistance level. MACD indicator is looking negative below the level of 269.60.
Copper continues to trade in the consolidation phase which is around 398-403. It also took the major support around the lower levels and managed to recover from the lower end which was at 395. If it remains above the technical level of 400, it may again see profit booking to touch the technical level of 401/398. On the other hand 405/408 will be the major resistance levels. MACD indicator is positive above 403 level.
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.