Menthol yesterday jumped as per the expectation and November contract jumped Rs 1.5 and settled at Rs 536.7 a kg.
The contract made intraday low of Rs 533.2 a kg and high of Rs 538.5 a kg. The support had came from spot market where we have seen the prices had moved up by 6-8rs, traders should be alert as market today can have some profit booking from 540-542 level and now support for the menthol is seen at 533.70 and below could see a test of 530.80.
Resistance is now likely to be seen at 539.10, a move above could see prices testing 541.40.
Trading Ideas:
MENTHOL TRADING RANGE IS 521-546.
MENTHOIL SPOT IS AT 574/-SPOT IS UP BY RS 4/-.
BUY MENTHAOIL NOV 532-534 SL 528.40 TGT 536.80-539.40-542.50.
MENTHA OIL A JUMP TOWARDS 550 LVL IS EXPECTED
NOW RES IS AT 539.80 ABV THIS NEXT RES IS AT 542.10-554.80.
MENTHA OIL ENDED SLIGHTLY UP ON SHORT COVERING
Courtesy: Kedia Commodities
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