The adjoining chart is of MCX mentha oil October contract. We can observe that mentha oil was trading in a range in the past few trading sessions. The range has been broken on the downside. It is currently trading below the 20- and 40-daily moving averages. The daily momentum indicators have a negative crossover. We expect mentha oil to trade weak in the coming trading sessions. We expect the targets of Rs841, which is the daily lower Bollinger Band, and below that Rs830, which is the previous swing’s low. The reversal of the bearish stance is placed above Rs890, which is the swing’s high.
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