Commodity Outlook for Mentha Oil by KediaCommodity
Mentha oil June contract gained Rs 0.2 and settled at Rs 721.6 a kg as thin arrival in spot markets supported the sentiment. The contract made intraday low of Rs 713.3 a kg and high of Rs 725.3 a kg with the volume of 1353 and total open interest for the same contact was at 1876. Now support for the menthol is seen at 714.8 and below could see a test of 708.1. Resistance is now likely to be seen at 726.8, a move above could see prices testing 732.1.
Trading Ideas:
Menthol Oil trading range is 708.1-732.
Mentha oil spot is at 790. Spot is down by Rs. 15/-.
Resistance for the mentha oil is at 726.80.
Mentha oil looks to have a support at 714.80.
Mentha oil ended as sentiment is supported by thin arrival
SELL MENTHOL JUNE BELOW 720 SL 726.20 TGT 716.20-712-708. MCX