MCX Mentha Oil Aug: Ending Diagonal Pattern Is Likely To Limit Upside
Report for Date: 23/08/17
The trend is up but nature of the movement is sideways in Mentha Oil futures on MCX.
Aug 2017 Mentha Oil futures contract settled at Rs. 1162.80 per Kg Tuesday.
An ending diagonal pattern is visible on chart which may end the current upside in coming sessions.
And expected upside to projected wave e is likely to be seen before prices start to collapse towards 1094 levels.
Book profits and exit long positions on rise to 1177 – 1190 levels or above as the opportunity arises.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Book Profits
|
1162.80
|
1109.47
|
UP
|
923.60
|
5.07
|
1123.87
|
1150.47
|
1164.73
|
1177.07
|
1203.67
|
*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
|
|
1162.8
|
-1.7
|
1190520
|
-5.9
|
2379
|
-15.5
|
Negative
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
61.53
|
-7.81
|
52.70
|
-32.14
|
46.25
|
-6.32
|
47.01
|
-12.93
|
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.
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