Date: 28/08/13 MCX Mentha oil Aug – The bullish setup on daily chart of Mentha oil Key Aug futures contract on Multi Commodity Exchange of India Ltd (MCX) may drive the price further up in coming sessions. A breakout of 888 is nicely backing by follow up rise as price settled at 902.60. Near term resistance is at 922-924.50 which is also colliding with 38.2% retracement level of the fall from 1079.50-816.30 swing. If price manages to break hurdle of 922.924.50 then 50% and 61.8% retracement levels at 949 and 979 respective are the further upside price projections. However, momentum indicators like Stochastic and Relative Strength Index (RSI) has hits overbought zones and now easing down a bit which may limit the bullish movement for a while. From the trading point of view, one can hold long positions with stop loss of 869. Expect higher levels of 910-918 to be tested in volatility. Commodity - MENTHA OIL Last Close - 902.6
Posted on: Wed, 28 Aug 2013 06:15:03 +0000