Since the smart upmove on 10th Aug, 2011 the prices of Mentha oil has been trading sideways for tthe past couple of session.
The key observation to be made on the chart above is that the clusters of key moving averages have been providing strong support for the prices of Mentha oil.
The prices witnessed a strong upmove during the previous session of trade. We believe that the
upward momentum is likely to continue for the upcoming few sessions of trade and test levels of
Rs 1160. The RSI indicator has also given a fresh buy signal.
We recommend traders to buy between Rs 1132--Rs 1126 levels with a stop loss placed below Rs 1111.40 levels for upside targets of Rs 1160 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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