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*
TrendPrice
TrendDate
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-ROCMACD
RS
1-ROCRS
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.
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