Olam 171008

A week ago, I mentioned that if Olam were to break the 1.40 support (blue --), we could see it testing the 1.30 level. This came only within 3 days, as we saw Olam breaking the 1.40 support on 15 oct, as well as the downtrend support (mid red, mid grey), closing on the 7 oct low of 1.22.



On 16 oct, Olam opened below the long term downtrend support (low pink) testing the 1.00 psychological level. We could see Olam trading between 1.00 and the downtrend resistance (low red) this week.

If Olam breaks the 1.00 level, we could see it hitting the 0.900 level as indicated by the downtrend support (low grey).



For monday :

Support @ 1.00 (green ...), 0.950 (low grey)
Resistance @ 1.138 (low red), 1.163 (low pink), 1.20 (mid grey), 1.22 (red ...), 1.25 (mid red)