Mentha oil on slippery road: Sharekhan
Sharekhan has come out with its report on Mentha oil. The research firm expects mentha oil to trade with a negative bias for the target of Rs 806, which is the daily lower Bollinger Band, and Rs 780, which is the weekly lower Bollinger Band.
December 13, 2013 / 14:52 IST
Sharekhan's report on Mentha oil
MCX mentha oil December contract has retraced 61.8 percent of the fall from Rs 908 to Rs 840 and has started falling. For the last few trading sessions it has been correcting sharply and has also broken the previous swing’s low. The daily momentum indicators bear a negative crossover. It is trading below the 20-and the 40- daily moving average (DMA). We expect mentha oil to trade with a negative bias for the targets of Rs 806, which is the daily lower Bollinger Band, and Rs 780, which is the weekly lower Bollinger Band. The stoploss should be trailed to Rs 855, which is the 20-DMA and the 40-DMA.
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