Buy MCX Mentha oil June; target Rs 1040: Angel Commodities

According to Angel Commodities one can buy MCX Mentha oil June contact between Rs 988-998 with a stop loss of Rs 960 for price target of Rs 1040. Angel Commodities' special technical report on MCX Mentha oil. MCXMentha Oil June contract is trading in a positive trend from last 7 days and today it has breached the “Inverse Head and Shoulder Pattern” coupled with “Rising volumes” which indicates optimism. Prices are trading above its 5 Day, 20 Day and 50 Day EMA (Exponential Moving Average) and in addition 5 day

EMA crossover the 20 Day EMA & 50 Day EMA, which also signals positivity. On the oscillator front, RSI is rising and MACD crossover showing positive divergence which indicates bullishness. MCX Mentha Oil can find support around 990 levels and below that strong support is seen at 960 levels. Resistance is seen at 1040 levels and above that at 1100 levels. Looking at Inverse Head and Shoulder breakout with rising volumes coupled with oscillators supporting bullishness, we recommend Buy in MCX Mentha Oil June contract.

Positional call (2-3 Days) - Buy MCX Mentha oil June between Rs 988 - Rs 998, SL Rs 960, Target Rs 1040 (CMP 998)

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Source : .Money Control