Mentha oil yesterday ended down as heavy selling triggered in market. May contract dropped Rs 14.6 and settled at Rs 698.8 a kg. The contract made intraday low of Rs 698 a kg and high of Rs 714.7 a kg with the volume of 2065 and total open interest for the same contact was at 3939.Now support for the menthol is seen at 693 and below could see a test of 687.1. Resistance is now likely to be seen at 709.7, a move above could see prices testing 720.5.

Trading Ideas:

Menthol Oil trading range is 687.1-721.

Mentha oil spot is at 775/-. Spot is down by Rs. 5/-.

Resistance for the mentha oil is at 703.60

Support for mentha oil is seen at 694.20.

Mentha oil yesterday ended down as heavy selling triggered in market

BUY MENTHOL MAY ABV 702 SL 698 TGT 706-712.MCX