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Mentha oil July contract gained Rs 2.3 and settled at Rs 686.2 a kg as some low level buying is seen. The contract made intraday low of Rs 680.2 a kg and high of Rs 687.7 a kg with the volume of 1634 and total open interest for the same contact was at 4451.Now support for the menthol is seen at 681.7 and below could see a test of 677.2. Resistance is now likely to be seen at 689.2, a move above could see prices testing 692.2.

Trading Ideas:

Menthol Oil trading range is 676.9-692.

Resistance for the mentha oil is at 689.20.

Mentha oil looks to take support at 681.70.

No change for yesterday’s outlook, after the Yen’s strength penetrated the lows of last December & January, we were left with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. But, signs show that the possibility of a rising correction to correct the fall from Wednesday’s top 89.09 to Friday’s low 86.25 is growing. On the top of these signs: the inverted hammer formation, which appeared on the daily chart, and the completed

Pepper August delivery dropped Rs 4 and settled at Rs 20655/quintal retreated from fresh contract highs hit earlier in the day as profit-booking emerged after rising more than 8 percent in seven sessions. Spot pepper fell 82 rupees to 20,259 rupees per 100 kg in Kochi, a major trading hub in Kerala. The contract touched the intraday high of Rs 20814/quintal while low of Rs 20311/quintal. Now support for the pepper is seen at 20373 and below could see a test of 20090. Resistance is now likely to be seen at 20876, a move above could see prices testing 21096.

Trading Ideas:

Pepper trading range is 20090-21096.

Guar yesterday we have seen that market has moved -0.31% as traders booked profits before the expiry of the near month contract though poor demand for the byproducts of guar seed also weighed. Hopes of revival in monsoon are also adding pressure to the prices. In the Jodhpur spot market, guar gained 46 rupees to end at 2,462 rupees per 100 kg. Market has opened at 2563 & made a low of 2535 versus the day high of 2588. The total volume for the day was at 466400 lots and the open interest was at 185950.Now support for the guar is seen at 2534 and below could see a test of 2508. Resistance is now likely to be seen at 2587, a move above could see prices testing 2614.

New York, July 21  : Lindsay Lohan will reportedly serve only 14 days of her 90-day jail sentence.

Although the Euro penetrated 1.30 and reached 1.3026, it dropped hard, breaking the support of yesterday’s report 1.2952, and bottoming just ahead of our suggested target and at 1.2838.