The following chart is of MCX mentha oil October contract.Mentha oil has been correcting sharply for the past few trading sessions. Currently it is trading near its crucial support zone placed around Rs1,140 and Rs1,160. We expect mentha oil to hold near the crucial support zone. The momentum indicators have a negative crossover indicating some downside in the agri commodity. Thus, as soon as we get a positive daily close one should go long for the targets of Rs1,236, which is the area of wave 4, and Rs1,266, which is the 20-daily simple moving average.The reversal of the bullish stance is placed below the crucial support of Rs1,140.
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