Wednesday, December 23, 2009

Mentha Oil short term view

Mentha Oil Hourly chart view : Menthaoil has Formed triple Bottom Near the Support Zone of 575 , The Hourly charts are in Oversold Zone and Last Candle of trading Session today closed in Hammer , Which indicates pause in the Downtrend and a Reversal possible , All Longs SL would be Below 570 Closing Basis
A Close Below 570 Could open possible Downside targets till 540 Again On the upside 592--597-601-610 are the Resistance For the December Future , a Close above 597 would mean That Mentha oil has Bottomed out For Short Term and Could Open upside Possible targets of 610--624-- 630 in the short term
The Current trend is in the consolidation phase between 575 & 597 .. Breach on any side closing basis with good volumes for a Day or two would Suggest the further trend