Olam 010808

After hitting a low of 2.04 on 18 jul, Olam seemed to have recovered somewhat, although it is recently trading quite erratically. Olam may have negated the Head & Shoulders formation by not dropping below, or testing the 2.09 support (red --) till date.

Having said that, we still could not see a clear trend for Olam as yet. Unless Olam breaks the downtrend resistance (upp red), we could continue to see Olam trading sideways between the 2.16 support (green --) and 2.27 resistance (red ...) for the time being.



For monday :

Support @ 2.16 (low blue, green --), 2.10 (low red), 2.096 (low pink, low green), 2.09 (green --)
Resistance @ 2.20 (blue --), 2.205 (mid red), 2.24 (mid green), 2.27 (red ...), 2.30 (upp blue, pink --), 2.308 (upp red, mid pink)