Mentha Oil has completed its wave 2/B and has ensued wave 3/C up which has a minimum target of 1480 i.e. above its previous swing high which is almost 23.6% retracement of the five wave declining pattern from 2564-1148. Above 1480 the next target is 1555 which is the high of wave 4.Mentha oil has provided an upside breakout which is also confirmed by the channel breakout on the daily charts.
On the momentum front, the daily RSI (14) has come into buy mode thus making the higher high and also confirming the price up move. The daily MACD on the Aug contract has also come into buy mode signaling a trend reversal.
So, the strategy is to initiate longs at CMP 1300 from an initial target of 1480 and above that 1555 with a stop loss at 1220.
Strategy: Mentha oil August MCX
- Buy 1 lot of MCX Mentha oil August Futures around 1300
- In the event of adverse movement, exit below 1220 (loss of Rs28, 800)
- First Target of 1480 and above that 1555 (profit of Rs64, 800- Rs91, 800)
- Time frame: 1-2 months
- Risk Reward Ratio: 1 : 2.25(28,800 / Rs64,800)
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to email@example.com
Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
- Techno-Funda Call: Buy Mentha Oil
- MCX Mentha oil: Selling pressure in the offing
- Short-term opportunity: Sell MCX Mentha Oil
- MCX Mentha oil: Medium term bullish
- MCX Menthaoil completes the bearish head and shoulders chart pattern on the daily chart, sell
Have a question?
Also On IndiaNotes.Com
- Amara Raja Batteries Q3FY15: Buy at CMP of Rs823
- Idea Cellular expects 21.8% consolidated revenue growth in Q3FY15, buy