Technical: Mentha Oil Chandausi- Near Term Rally To 1152-1169

Dated 06/06/2017

In the last update, we had indicated about the trend line support.


Bounce and recovery was likely and the same was witnessed.


The bounce has been strong and sharp to turn the trend up.


Price moves above the DRV as shown in the chart.


Expect the up trend to continue in near term with volatility and may test the supply zone of 1152-1169.


Trend line resistance at higher level is around 1152-1169 and expect the same to be tested in near term.


Correction and consolidation can resume on fall and close below 1096.


Correction if any can be to test the DRV for consolidation.


DRV is at 1054 and would be rising by 10 points every week.

Conclusion

Bounce between witnessed from the critical trend line as indicated in our last update.


Expect the current rally to 1152-1169.