MENTHA OIL FUTURE ANALYSIS 1 day timeframeit create a symmetric triangle in day and weekly timeframe. We will wait for breakout or breakdown.
Crucial level is 905.6-911.80
MENTHAOILU2024 trade ideas
MenthaOil Analysis weekly before looking into daily or intradayOm Namah Shivay, where is Menta oil headed? By looking at recent movement, we were expecting a change in pattern, after 23-7-23 week. It is completing one pattern on that day. It can be treated as channel or a zone for correction in both time and price.
Before we go and trade for intraday, we need to see the big picture. Mentha oil has seen marvelous journey in its history where it has been currently seeing the bottom of its market sentiment.
Observe 969/1001 on weekly basis and observe on intraday.
This is for educational purposes only and it is a way of analysis before jumping in.
Will Mentha Oil Touch 960 Level Again?MCX Mentha oil can bounce here. It can retest the 960 . The intraday & short-term investors should enter around the support trendline for the targets of 926 - 936 - 958 .
Further information I will update you soon.
MCX Mentha oil - Ascending Triangle Pattern FormationMCX Mentha oil can try to collapse up to the support line before hitting the following targets: 986 - 1000 - 1020
Attention: don't buy below the support trendline.
This MCX Mentha oil research is based on the Feb 24 article. Click the below link to read it:
UPDATE: MCX Mentha Oil Overall Outlook Is 'Strongly Bullish'MCX Mentha Oil Overall Outlook Is ‘Strongly Bullish’
How many of you bought Mentha oil after reading this report?
Mentha oil made a high of 964.9 yesterday, and the first target has come.
Approx. Profit /L = Rs.15,000+
The short-term investors can book profit here. As I mentioned in the above chart, it's MA crossover time. It may move sideways.
Overall, it's in an uptrend. Hence, the targets will remain the same.
MCX Mentha Oil Overall Outlook Is 'Strongly Bullish'First, wait for a clear Ascending triangle form. Right now, MCX Mentha oil at the support trendline (rising lower trendline). It will try to hit 964 - 986 - 1000 - 1020 levels from here. Intraday traders can go with the current trend.
But don't buy below the support trendline.
Does MCX Mentha Oil Begin to Move Upwards?Here's the daily chart of the MCX mentha oil. Right now, it's moving between the Dynamic resistance and support trendline. It's trying to cross the Moving average. If consecutive candles cross the moving average downside, it will hit the support trendline by crossing 956 - 946 .
But RSI crossing is indicating an uptrend. And ADX is greater than 25, Which shows an uptrend. +DI is under -DI, which means a downtrend. But the trend is positive. So, after crossing the moving average, maybe the trend will move downside for a short time. But it will start rising and hit the following targets 976 - 986 .
