Technical: Mentha Oil- Correction In Near Term Is Likely

Dated 27/11/2018

Mentha Oil – Last Close- 1698- Correction In Near Term Is Likely
Retracements of the rise from 1250 to 2078 are placed at 1683-1586 and the same are likely to be tested with volatility unless 2100 is immediately crossed.

Support can be around the retracement levels before recovery or new up move.

Resistance is at 1840-2013-2078.

Rise to resistance is to exit long on the rise




Conclusion

Accumulate at correction to retracement of 1683-1586.

Breakout above 2078 can extend the rally to 2583.

A rally in near term to short term towards 2500-2600 can be witnessed with by breakout above 2078 or by correcting to retracement levels of 1683-1586. Medium term positional traders can accumulate at retracements and wait for post correction up trend to reap the benefits.