MCX Mentha Oil Jan: A Megaphone Like Pattern Is Unfolding 14 Jan 2017 11:04 am   0 Comments  |   Post Comment  |  Font Size A A A  MCX Mentha Oil Jan: A Megaphone Like Pattern Is Unfolding Report for Date: 16/01/17 MCX Mentha Oil Jan (Price figures below are in Rs/INR per Kg) The trend is up in Mentha oil futures on MCX. Jan 2017 Futures contract settled at Rs 1042.60 per Kg Friday. A megaphone like pattern is in development and prices may scale up to new highs if trendline support remains unbroken. The crucial support will be the higher bottom of 1018.70 now. Buy at market price and on dips to 1039 – 1034 with a stop loss of 1018.70. Resistance will be at 1047 – 1059. Minor trendline breakout will be seen above 1047.50 and a follow-up rise to it will add more confidence in the suspected pattern. On sustained rise and close above 1059, the prices will try to accelerate towards 1085 – 1120 or above in coming days. Even though the potential rise is looming large on the horizon, it will take sizable amount of time to unfold and hence the participant’s patience will be tested who want to ride the anticipated rally. TREND INFORMATION WITH INTRA-DAY LEVELS STRATEGY CLOSE DRV TREND* Trend Price Trend Date L1 L2 CP L3 L4 Buy At Mkt 1042.6 1020.2 UP 1011.2 13.1 1020.5 1034.2 1039.5 1047.9 1061.6 *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 Last Close Price G/L% Volume V -G/L% Open Interest OI -G/L % Candle Position 1042.6 1.0 439560 -15.2 3428 -2.5 Positive Unwinding TECHINCAL INDICATORS TABLE RSI 1-ROC-RSI Stochastic 1-ROC- Stochastic MACD 1-ROC MACD RS 1-ROC RS 55.75 6.07 37.39 59.72 10.27 -3.40 51.46 13.63 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. View Full Image Read Disclaimer   Rate this story Rated 0.0    Post comment Comment : Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy. Name :   Email :       Post Comment		Latest TechAnalysis Report Mentha Oil (Apr 24) Neutral Trend / Buy on Breakout / ... Guar Gum (May 24) Bullish Trend / Buy on Dips / Key Su... Guar Seed (May 24) Bullish Trend / Buy on Dips / Key S... Mentha Oil (Apr 24) Bearish Trend / Sell on Rise / Key... Guar Gum (May 24) Bullish Trend / Buy on Dips / Key Su... more Top 5 News Cotton Candy (May 24) Bearish Trend / Sell on Rise / K... Base Metals Zinc (May 24) Bullish Trend / Buy on Dips... Mentha Oil (Apr 24) Neutral Trend / Buy on Breakout / ... Base Metals Lead (May 24) Bullish Trend / Buy on Dips... Base Metals Copper (May 24) Bullish Trend / Buy at CM... Top 5 Special Reports US Cotton net export sales for April 12-18 at 177,100 R... US soybean net sales for April 12-18 at 210,900 MT, dow... Black Matpe Polished (AP) Consolidating Above Key Supp... Black Matpe Unpolished (AP) Consolidating in an Uptren... Castor Oil (Kadi) Weak Price Trend / Next Support at R...