As can be seen from the adjacent chart MCX Mentha oil topped out at the high of Rs981.40. From there the agri commodity had entered correction mode. The fall formed deep retracement of the July rally. It found support near 78.6% retracement of the rally.
For news on Indian Stock Market Tips,Mcx Commodity Trading Tips please visit us at http://ripplesadvisory.comor call at 9303093093.
From that key Fibonacci level the oil entered pullback mode. On the way up it crossed a falling trendline & retraced 61.8% of the fall. Bears have restricted the pullback near that Golden Ratio mark.
Thus unless the swing high of Rs930.30 is crossed Mentha oil can fall back towards the key DMAs i.e. Rs893-885.