HomeTechnical Analysis Report MCX Mentha Oil retreats from bullish territory, rally over

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MCX Mentha Oil retreats from bullish territory, rally over

Author : John Godson

February 12, 2013 13:55

MCX Mentha Oil was trading at higher levels for a week. Lower volumes have made Mentha Oil retreat from bullish territory.

After the recovery from 1306 levels; sudden spike was developed in the charts with a 90 degree angle, hence sudden fall is expected as the strength of the rally is not sufficient for an upward movement for the week.

On charts, Mentha Oil tracks are showing a sideways phenomenon as it is recovering from the overbought territory.  20 day SMA crossover at 1324 levels, the commodity has been maintained above the levels. MACD is still negative, RSI at 54.73 is neutral and stochastic level recovered from overbought territory is moving to the medium levels.

Rate of change oscillator was neutral, hence an up or down trend is to be expected. When mentha oil price breach 1384 levels, it may witness a steady decline to 1330 levels. Strong support is now seen at 1360 levels.

S1: 1384     S2: 1360
R1: 1411     R2: 1418
Trend: Bearish