Insignia Consultants
New Delhi
Thursday, June 13, 2019
TIME 8:30 AM
IST
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MCX MENTHA OIL REPORT
|
MCX MENTHA
OIL 28TH JUNE 2019 (Current price/previous day close 1319.50)
|
||||||||||
|
S5
|
S4
|
S3
|
S2
|
S1
|
|
R1
|
R2
|
R3
|
R4
|
R5
|
|
1144.00
|
1238.00
|
1279.30
|
1297.30
|
1305.40
|
|
1332.00
|
1366.70
|
1401.40
|
1426.00
|
1520.00
|
|
All technical are for
reference only
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||||||||||
Lack of demand has resulted in mentha oil trading with a
softer bias this month. There is no increase in supply. Mentha oil prices will
rise only when demand rises. I am looking at the upcoming budget to boost
consumer demand as well as boost mentha oil prices.
Key weekly support: 1279.20
Key weekly resistances: 1366.70-1426.00
Immediate resistance: 1369.50
(a)
200 week moving average around 1190 is the key long
term support. Mentha oil can rise to 1520 as long as it trades over 1190.
(b)
Crash or another wave of sell another wave off will be
there below 1190.
(c)
Momentum
is very bearish.
Keep on looking at spreads/badla between June and July
contracts. The difference will tell us the short term trend.
Futures
trading is risky. Remember it is your money.
Disclaimer: Any opinions as to the commentary, market
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commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees
have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the
information provided in this material; or in any delays, inaccuracies, errors
in, or omissions of Information. Nothing in this article is, or should be
construed as, investment advice. Website www.insigniaconsultants.in.
Prepared by Chintan Karnani
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