Olam 290508

Although Olam opened just above the downtrend resistance (upp red), it was only after lunch that we saw Olam attempting to break the uptrend resistance (mid green).



We finally saw Olam breaking the uptrend resistance-turned-support (mid green) later in the afternoon, closing at the same price as the Doji formed on 16 may.

As the volume distribution bars suggests, we might see some resistance at 2.92, before Olam attempts to test the 2.97 resistance (blue --).

So, if Olam opens above the uptrend support (mid green), we might see it attempting to test the 2.97 resistance (blue --).

Otherwise, we could see Olam trading sideways, supported by the 2 downtrend supports (low red, low pink).

For tomorrow :

Support @ 2.91 (mid green), 2.85 (low red), 2.825 (low pink), 2.74 (red --), 2.73 (low red)
Resistance @ 2.92, 2.97 (blue --), 3.027 (upp green), 3.037 (upp pink)

Good Luck !!