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The following chart is of NCDEX soy oil April contract. We can observe that soy oil has faced resistance at the 20- daily simple moving average (DSMA) and sold off from there. It has broken its previous swing low and the fall has been extended. The momentum indicators have a negative crossover and soy oil is also trading below the crucial daily averages. Thus we expect the agri commodity to trade with a negative bias for the target of Rs644 on the downside, which is the previous swing low. The reversal can be trailed at Rs681, the 20-DSMA.

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The adjoining is a continuous chart of MCX Mentha oil.We can observe that Mentha oil after giving a break out of the triangle has given a run up sharply and is nearing its crucial resistances placed at Rs1,400 and Rs1,416. The momentum indicators have a positive crossover and we expect the rally to continue up to the crucial resistances placed at Rs1,400 and Rs1,416. Traders can trail their stop loss at the swing low of Rs1,304.
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The following chart is of MCX mentha oil October contract.Mentha oil has been correcting sharply for the past few trading sessions. Currently it is trading near its crucial support zone placed around Rs1,140 and Rs1,160. We expect mentha oil to hold near the crucial support zone. The momentum indicators have a negative crossover indicating some downside in the agri commodity. Thus, as soon as we get a positive daily close one should go long for the targets of Rs1,236, which is the area of wave 4, and Rs1,266, which is the 20-daily simple moving average.The reversal of the bullish stance is placed below the crucial support of Rs1,140.
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MCX Potato has been in an uptrend. However the rally seems to have matured at least from the short-term perspective. It has recently formed an ending diagonal. The last leg of the pattern has got truncated and the price has broken on the downside. It has done a minor degree pullback and is geared for the next leg down. The daily momentum indicator is showing a negative divergence and has triggered a bearish crossover. This will accelerate the price action on the downside. The target on the downside is the medium-term rising trendline ie Rs1,010. The reversal has been placed above the high of Rs1,111.






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