Olam 250209

Olam is another one of those that formed a double top (think i've lost count already). The 2 tops are on 5/6 jan (high of 1.49) and 12 feb (high of 1.51).

Neckline for the double top looks to be at the 1.30 level (lightblue ....). This would give us a support for the double top at about 1.09-1.10 (red ...), which is the low Olam hit on 9 and 24 dec.

Right now, Olam just about managed to stay above the uptrend support (low blue). If Olam manages to rebound, we could see Olam testing the 1.17 support (pink ...) first, before it rebounds. If this happens, we could see Olam test the 1.30 (lightblue ...) double top neckline again.

However, if the 1.17 support breaks, we could see Olam head eventually for the double top support of 1.09 - 1.10 (red ...).


For tomorrow :

Support @ 1.20 (low blue), 1.17 (pink ...), 1.15 (blue --), 1.143 (low red), 1.09-1.10 (red ...)
Resistance @ 1.22 (pink --), 1.25 (green --), 1.27 (upp blue), 1.28 (red --), 1.29 (mid red), 1.30 (lightblue ...)