Mentha oil ended down yesterday on profit booking. Absence of fresh cue in physical market also weighed on prices.

March contract dropped Rs 3.7 and settled at Rs 612.8 a kg. The contract made intraday low of Rs 611.2 a kg and high of Rs 617 a kg with the volume of 994 and total open interest for the same contact was at 2711.

Now support for the menthol is seen at 610.3 and below could see a test of 607.9. Resistance is now likely to be seen at 616.1, a move above could see prices testing 619.5.

Trading Ideas:

Menthol Oil trading range is 607.9-619.
Mentha oil spot is at 663/-.Spot market is down by Rs 2/-.
Resistance for the mentha oil is 616.10
Mentha oil is getting support at 610.30.
Mentha oil ended down yesterday on profit booking
BUY MENTHOL MAR AT 610 SL 605.80 TGT 613.20-616.80-620.MCX

Courtesy: Kedia Commodities

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