Olam 311008

After testing the 1.00 psychological level several times last week, Olam finally broke it on 24 oct. However, things a dramatic twist the next day when Olam swung from a low of 0.835 to a high of 1.09 !

The next few days saw Olam staging another one of its dramatic recoveries and even went on to test the 1.40 neckline (blue --) yesterday.

Olam was a little subdued, which could be due to profit taking, but still closing above the 1.22 support (red ...) and downtrend support (mid grey).

We could be looking at Olam trading between the 1.22 support (red ...) and 1.40 resistance (blue --) as it tries to form a base.



For monday :

Support @ 1.22 (red ...), 1.20 (mid grey), 1.13 (low pink, low red), 1.09 (low grey, red --)
Resistance @ 1.30 (pink ...), 1.37 (upp grey), 1.40 (blue --), 1.41 (mid red), 1.46 (blue ...), 1.50 (upp pink)