MCX Mentha Oil Report: 13th June 2019

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

 

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

  1. 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.
  2. Crash or another wave of sell another wave off will be there below 1190.
  3.       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 information, and future direction of prices of specific currencies, metals and 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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