Olam 130309

After breaking the neckline (lightblue ...) for the double top formation on 17 feb, Olam recovered to test this neckline in last than a month, and closed right on the downtrend resistance (upp red).

The following week could be crucial for Olam as it remains to be seen if its uptrend momentum could be sustained. The first crucial level would be at 1.28, which is where the downtrend resistance (upp red) meets the uptrend support (low blue) and 1.28 neckline (red --).

If this support breaks, the next crucial support would be at 1.25 (green --). If Olam can trade above these 2 supports, there's a great chance we might see Olam test the 1.35 resistance (lightblue --).

However, if Olam breaks these 2 supports, we could then see it retreat back to the 1.15 support (blue --).


For monday :

Support @ 1.30 (upp red, lightblue ...), 1.28 (low blue, red --), 1.25 (green --), 1.22 (mid red, upp green, pink --), 1.17 (low red, pink ...), 1.15 (blue --), 1.14 (low green), 1.13 (green ...)

Resistance @ 1.32 (blue ...), 1.34 (upp blue), 1.35 (lightblue --), 1.38, 1.41