Weekly

Weekly Commodity Outlook


HIGHLIGHTS:

After a prolonged phase of negativity, mentha oil jumped into the bulls’ wagon last week by rising over three percent, the best weekly gains seen in last five months and of course the best numbers posted by the current contract. The most important thing to notice is that the above gains came despite a very bearish gapped-down opening to the week on Monday. The gapped-down and subsequent bounce back from thereon has shaped-up into a key bullish reversal candlestick pattern called ‘piercing line’. The pattern is also getting strong support from rising volumes. All in all, it’s a good short to mid-term opportunity to trade on bullish side.    

Tags: Technical


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