MCX Mentha Oil Jan: Anticipated Price Movement Is Unfolding
Report for Date: 11/01/17
MCX Mentha Oil Jan (Price figures below are in Rs/INR per Kg)
The trend is in Mentha oil futures on MCX.
Jan 2017 Futures contract settled at Rs 1025.70 per Kg Tuesday.
We have been constantly warning that a downward prices movement towards DRV may be seen and the same happens Tuesday as Mentha oil prices registered low of 1018.70 before settling at 1025.70 per Kg.
Momentum Oscillators are indicating that prices may further ease towards the next support cluster of 1012 – 999.
The lower top of 1059 will act as a major resistance now and anything close above it only will boost chances of extended uptrend.
Till then it is wise to stay away from the market in absence of clear momentum.
TREND INFORMATION WITH INTRA-DAY LEVELS
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
OI -G/L %
TECHINCAL INDICATORS TABLE
Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.