TECHNICAL: Mentha Oil – Accumulate On Correction

Dated 05/11/2018

Mentha Oil – Last Close- 1937- Accumulate on correction



Averages are placed at 1696 and 1627

Resistance is at 1944-2040.

Support will come on the averages.

Retracements of the rise from 1250 to 2078 are placed at 1771-1683-1586 and the same are likely to be tested with volatility unless 2100 is immediately crossed.

Conclusion

Accumulate at correction to support of 1696 and 1627.

Breakout above 2040 can extend the rally to 2583.

A rally in near term to short term towards 2500-2600 can be witnessed with by breakout above 2100 or by correcting to retracement levels of 17771-1683-1586. Medium term positional traders can accumulate at retracements and wait for post correction up trend to reap the benefits.