Olam 101008

After breaking the long term downtrend support (upp pink) on 6 oct, Olam seems to have built up some support around the 1.40 level (blue --), as indicated by the volume distribution bar.

Olam broke out of the downtrend channel on 9 oct, but quickly slipped back into the downtrend the next day. Trading has been volatile these few days, as evident by the long bars.

If Olam manages to stay above the 1.40 level, we could see it test the downtrend channel (upp grey, upp pink) this week.

However, if Olam breaks the 1.40 level, we could see it re-visiting the 1.30 level, and even test the downtrend support (low red).



For monday :

Support @ 1.40 (blue --), 1.33 (low grey), 1.20 (low red), 1.17 (low pink)
Resistance @ 1.47 (mid red), 1.55 (upp pink), 1.61 (upp grey)