Olam 141108

The last 2 days saw Olam opening at a high and testing the 1.18 support (pink ...) before closing above it. Today, Olam closed right on the downtrend support (mid grey).

As you can see from the chart, 3 trendlines (mid red, mid blue, upp grey) meet at the 1.28 level, which I believe could be the resistance that Olam is waiting to break. Once this resistance is broken, I believe we could see Olam heading for the 1.40 resistance (blue --).

However, due to recent market sentiments, the 1.18 support (pink ...) looks more likely to be broken. If that happens, we could see Olam revisiting the 1.09 support (red --).



For monday :

Support @ 1.18 (mid grey, pink ...), 1.15 (low blue), 1.11 (low red), 1.10 (low grey), 1.09 (red --)
Resistance @ 1.22 (red ...), 1.28 (mid red, mid blue, upp grey), 1.30 (green ...), 1.36 (pink --)