Olam 060608

What a difference it has been for Olam ! After breaking the long term downtrend resistance (upp pink) and hitting a high of 3.19 on 30 may, Olam dropped 46 cents to close at 2.73 today, which is below the 2.74 support (red --).

If Olam opens below the 2.74 support (red --) on monday, we could see Olam testing the long term downtrend support (low pink). Another possible scenario is that we could see Olam trading between the 2.74 support (red --) and long term downtrend resistance (mid pink) for next week.

If that happens, we could see the turning point somewhere during the end of next week, where the long term downtrend resistance (mid pink) meets the uptrend support (low blue) at around the 2.79 level.



For monday :

Support @ 2.73 (low green), 2.69 (low pink), 2.63 (pink --), 2.60 (pink ...)
Resistance @ 2.74 (low blue, red --), 2.80 (mid pink), 2.85 (upp green), 2.96 (upp blue), 2.97 (blue --)

Hope you find my analysis helpful. Thank you !!