Olam 200608

Olam opened above the 2.60 neckline (pink ...) and long term downtrend resistance (mid pink) and even tested the 2.63 neckline (pink --). However, selling pressure persisted and we saw Olam again closing below the 2.60 neckline (pink ...).

Since Olam did not test the uptrend support (low blue), we could see Olam consolidating around the 2.60 neckline, maybe even trending up slightly within the uptrend channel (green).

If Olam does not break the uptrend support (low blue) next week, we could see it testing the downtrend resistance (upp red) and the 2.63 neckline (pink --). However, if the uptrend support is broken, we could see Olam testing the 2.48 support (blue ...).



For monday :

Support @ 2.56 (low green), 2.52 (low blue), 2.48 (blue ...), 2.47 (low red), 2.41 (low pink)
Resistance @ 2.60 (mid pink, pink ...), 2.63 (pink --) 2.657 (mid green), 2.676 (mid blue), 2.69 (upp green), 2.70 (upp red)

Hope you find my analysis helpful. Thank you for your support !!