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Adjacent chart shows price movement of MCX Mentha oil continuous contract. It formed a short term correction in the month of January, which found support near the daily lower Bollinger Band & the rising trendline. From there the commodity formed an impulse on the upside & is currently retracing the same. The three wave set back has reached near the trendline as well as near 61.8% retracement of the impulse. Thus hereon Mentha oil can start next set of impulse on the upside. Rs 1,047-1,066 will be the key levels on the upside. On the other hand, Rs995-985 will act as a key support zone
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