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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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NCDEX Chilli is falling towards the long-term rising trendline. The commodity had taken support near a medium-term falling trendline however it could not surpass the 20-DMA. In terms of the wave structure one leg is pending on the downside. This leg will take Chilli to the long-term rising trendline as the equality target meets the same. The medium-term falling trendline will act as an intermediate support (Rs4,579). On the other hand, the 20-DMA (Rs5,057) and the swing high (Rs5,174) are the key resistances, which will act as the reversal for the bearish view.

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Since Jeera has broken down from the wedge pattern it has fallen sharply. The fall is unfolding in a channelised manner and is breaking up into lower degree waves. Recently a lower degree fourth wave bounce has been formed. It faces resistance near the upper channel line, the 40-daily exponential moving average and the daily upper Bollinger Band. Thus the upside is caped at the high of Rs12,580. On the downside the low of Rs11,275 and the lower channel line (Rs10,750) are short-term targets.


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