Mentha oil after opening the day in the red terrain under selling pressure but recouped as buying support from lower level. April contract gained Rs 6.3 and settled at Rs 648.8 a kg. The contract made intraday low of Rs 639 a kg and high of Rs 651.5 a kg with the volume of 1822 and total open interest for the same contact was at 3148. Now support for the menthol is seen at 641.4 and below could see a test of 633.9. Resistance is now likely to be seen at 653.9, a move above could see prices testing 658.9.

Trading Ideas:

Menthol Oil trading range is 633.9-659.

Mentha oil spot is at 726/-.Spot is up by Rs 18/-.

Resistance for the mentha oil is at 650.40

Mentha oil looks to have a support at 645.20 level.

Mentha oil recouped yesterday on buying support from lower level

BUY MENTHOL APR @ 648-650 SL 645.50 TGT 652.50-655-658.MCX