Olam 270209

I have said on 25 feb that we might see a bit of rebound for Olam when it hits the 1.17 support (pink ...). Olam opened at 1.21 on 26 feb, tested the 1.17 support before closing again at 1.21. Olam opened right on the 1.17 support today before recovering to close above the 1.22 resistance (pink --). If you had traded within this range, you would have made some kopi money, congrats.

However, it is still too early to say if Olam's fortunes have turned as it has yet to test the double top neckline of 1.30 (lightblue ...). Olam might also meet some strong resistance at the 1.25/1.26 levels.

Nonetheless, if Olam continues to trade within the uptrend channel (blue), it's also an opportunity to make some kopi money.


For monday :

Support @ 1.22 (pink --), 1.20, 1.17 (low blue, pink ...), 1.15 (blue --), 1.12 (low red)
Resistance @ 1.25 (upp blue, green --), 1.27 (mid red), 1.28 (red --), 1.30 (lightblue ...), 1.32