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Mentha oil price break important support, may take correction 2%-3%


Since 17 April 2023, Mentha oil turned negative and posted nearly 3% fall. Prices continued to slip from the high of 996 and made a low 969.00. Yesterday, prices settled at 970.2, down by 0.91%.

On the above daily chart, a complex head & shoulder pattern was noted. Also, prices breached the neckline support 975 levels yesterday.

Intraday price action resulted in formation of long bearish candlestick.

100 SMA is trying to break 50 SMA, if it will cross then Mentha oil could fall drastically in days to come.

RSI 14 and 9 SMA is giving a negative crossover.

All above the technical aspects are creating a probability for bearishness in the near future. Prices appear to test immediate support 958-950-940.00 very soon.

Alternatively, On the upside, immediate resistance is seen at 982.50, if prices break and sustain. Then pullback could be expected for the immediate resistance of 995-1008.