Olam 090409

After breaking the 1.59 neckline (red --) and testing the 1.55 support (red ...) yesterday, Olam managed to recover and closed above the 1.59 neckline and short-term uptrend support (mid blue).

Olam has been on the uptrend since the beginning of march, bursting into life on 2 apr after trading sideways the week before that.

If Olam breaks the 1.59 support (red --), we could see it trading between the 1.53 support (blue ...) and 1.59 neckline (red --).

However, if Olam and stay above the 1.59 support, we could see it trading sideways also, but between the 1.59 support (red --) and 1.65 resistance (pink ...). And if Olam can trade within the uptrend channel (blue), we might even see it test the 1.65 resistance towards the end of the week.


For monday :

Support @ 1.59 (mid blue, red --), 1.57 (mid red), 1.56 (mid green), 1.55 (red ...), 1.53 (blue ...), 1.51 (low red), 1.48 (low blue, green --)

Resistance @ 1.61 (lightblue --), 1.62, 1.65 (pink ...), 1.67 (upp blue, blue --), 1.69 (upp green, upp red)

Olam 200309

After my analysis on 13 mar, Olam not only maintained its uptrend momentum, it also broke several resistance and tested the 1.41 neckline (pink --) thrice this week, closing right on the neckline today.

Will Olam continue to push higher and hit the 1.51 high of 12 feb?

If Olam cannot sustain this uptrend, we could be looking at a potential triple top forming, which means that the chances of Olam crashing (if the triple top completes) once it breaks the baseline support of 1.35 (lightblue --) is greatly increased.


For monday :

Support @ 1.39 (mid blue), 1.38 (red ...), 1.37 (mid green, pink ...), 1.35 (lightblue --), 1.33 (low red), 1.32 (blue ...), 1.30 (lightblue ...), 1.28 (red --)

Resistance @ 1.43 (upp green), 1.435 (upp red), 1.447 (upp blue), 1.48

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

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

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 ...)

Olam 130109

Olam was one of the rare few that was positive today. After opening below the 2 support trendlines (low blue, low red) and 1.25 support (green --), it even went on to test the 1.30 resistance (lightblue ...).

If Olam can stay within the uptrend channel (blue), we could see it attempt to break the 1.30 resistance soon.


For tomorrow :

Support @ 1.26 (low blue), 1.25 (green --), 1.24 (low red), 1.22 (pink --), 1.17 (pink ...)
Resistance @ 1.30 (lightblue ...), 1.36 (lightblue --), 1.38 (upp blue), 1.40 (green ...)

Olam 020109

Since 9 dec, Olam has been trading more or less sideways (other than the surge on 22 dec), between the 1.13 support (red ...) and 1.22 resistance (pink --). However, volume has been very low since christmas.

We could see some action for Olam in the middle of next week when the downtrend resistance (upp red), meets the uptrend support (low blue) at around the 1.18 level.

Any break in the 1.13 support could see Olam revisiting the 1.06 support (blue ...).


For monday :

Support @ 1.19 (upp red), 1.17 (pink ...), 1.16 (low blue), 1.15 (blue --), 1.13 (red ...), 1.09 (red --), 1.08 (low red)

Resistance @ 1.22 (pink --), 1.227 (upp blue), 1.25 (green --), 1.30 (lightblue ...)

Olam 041208

After trading sideways for more than the last 2 weeks, we finally saw some action today. Olam broke the long term downtrend resistance (now turned support - low red). Volume done today was also the most since 30 may 2008 (35.1m).

After breaking the 0.960 neckline (green ...), Olam went on to test the 1.00 resistance (blue --), before closing just above the 0.960 neckline. If Olam manages to continue to trade above the 0.960 neckline, we could see it test the 1.00 resistance very soon.

However, if Olam breaks the 0.960 support, we could see it revisiting the 0.930 support (green --).


For tomorrow :

Support @ 0.970 (upp grey), 0.960 (green ...), 0.930 (green --), 0.920 (low red), 0.900 (pink --), 0.890 (mid grey)
Resistance @ 1.00 (blue --), 1.05 (mid red), 1.06 (blue ...), 1.09 (red --)

Commodities Sector Research Report

by OCBC INVESTMENT RESEARCH (3 Dec)

COMMODITIES have gone through a roller-coaster ride in 2008 and are likely to fall victim to further volatility in 2009 along with the broad market. 2009 presents a challenging macro outlook. Moving into next year, we believe that several macro factors could continue to weigh on the sector's outlook.

These include the shaky global macroeconomic outlook, softening demand from manufacturers and consumers, a prolonged credit drought and falling commodities prices.

While the near-term outlook is likely to remain muted, coordinated government policies could help to stabilise the overall climate in the medium term. For instance, China has recently announced a four trillion yuan (S$888 billion) stimulus package and an interest rate cut to boost the cooling economy. Large-scale spending such as these will help to bolster the demand for commodities such as steel and energy, albeit in the further future.

Commodities have been proven to outperform the stock market in times of crisis. Nevertheless, as demand for commodities is a function of the global economy, we expect the sentiment for these stocks to recover only when macroeconomic pessimism fades. As such, we are NEUTRAL on the sector.

At current valuations, the risk-reward profile of some stocks has grown attractive for long-term investors who are prepared to ride out the volatility.

-Research Report by OCBC INVESTMENT RESEARCH (3 Dec)

Late surge in anticipation of US rally

by R SIVANITHY (27 Nov)

ST Index closes 58 points higher, but broad market shows only 159 rises versus 137 falls

JUDGING by the Straits Times Index's (STI) 57.88- point rise to 1,711.13 yesterday - the bulk of which came in the final five minutes - program traders were positioning themselves for an expected Wall Street rally later in the day.

The broad market, however, did not fare as well as the index. Excluding STI components and warrants, there were only 159 rises versus 137 falls in the wider market.

The STI owed much of its last-minute gain to a 16-cent rise in SingTel that accounted for 17 points. Of this, 10 cents came in the post-closing adjustment period between 5-5.05pm.

Brokers continued to speak of caution among clients and this was reflected in low volume. Excluding foreign currency issues, only 864 million units worth $931 million were traded.

Among banks, DBS first fell to $9.01 but ended unchanged at $9.20, while UOB's 70-cent jump to $12.60 added 11 points to the index. Brokers speculated that investors were switching from one to the other, possibly because of fears that DBS might call for a rights issue, worries that have arisen because Standard Chartered Bank recently announced a rights issue.

In the second line, Jade Technologies' shares, which cost 30 cents this time last year, closed half a cent lower at 1.5 cents. The company on Tuesday reported a $39 million loss for the full year ended Sept 30. At 1.5 cents a share, Jade's market capitalisation is about $17 million.

Most trading activity was focused on battered commodity plays like Golden Agri, Indofood Agri and Olam International, as well as China stocks that have collapsed significantly from their highs such as China Hongxing, Cosco and Yanlord.

Elsewhere, Bright World's shares lost three cents to 24.5 cents after news that the Monetary Authority of Singapore has written to the company about a possible breach of the Securities and Futures Act.

In a report on the telco sector, OCBC Investment Research said: 'Going into 2009, the whole stock market will continue to face many challenges, most of them coming from the macroeconomic front.

In such a highly unpredictable climate, we believe that a flight to quality is not enough - investors should also focus on defensiveness of earnings as well as sustainable dividend payout abilities and Singapore's telcos meet these criteria. As such, we continue to maintain our 'overweight' rating on the sector.

'While earnings are expected to take a slight knock next year due to the recession, we do not expect the slowdown to have much of an impact, if any, on the telcos' healthy operating cashflows. If anything, we expect more prudent capex spending and other cost-reduction measures to further improve operating cashflows and, in turn, sustain the already attractive dividend policies.'

In its 2009 Outlook report, ratings agency Standard & Poor's (S&P) said that for Asia-Pacific equity markets, a rebound is likely in 2009.

Its director of research Lorraine Tan believes markets are in the process of bottoming. 'Although the economic and corporate news is likely to remain negative - and uncertainty still pervades the global financial system - we see that markets will have retraced in line with, and in some cases exceeded, movements in previous bear markets in terms of both value and time frame,' said Ms Tan.

S&P also said 'ongoing market dislocation will significantly impact Asia-Pacific in 2009, but factors such as intra-regional trade, supportive policy-making, and still-robust forecasts for China and India will help the region navigate the global storm'.

-Research Report by R SIVANITHY (27 Nov)

Olam 251108

After opening above the downtrend resistance (mid grey), Olam weakened quickly and broke the 0.960 support (green ...) and 0.930 support (green --). Olam closed right on the 0.900 support (pink --). Moreover, today's break down was accompanied with volume.

The last time Olam traded below the 0.900 level was on 28 oct (0.835 low). If Olam breaks the 0.900 support, we could see it revisit this low. Would that have completed the double-bottom formation?


For tomorrow :

Support @ 0.900 (pink --), 0.835 (28 oct low), 0.813 (low grey)
Resistance @ 0.930 (green --), 0.945 (mid grey), 0.960 (green ...), 1.00 (blue --), 1.015 (low red)

Market starts week on weak note

by CONRAD TAN (25 Nov)

UOB and DBS are main drags on STI; gains by heavyweights SingTel and KepCorp help limit index's losses

STOCKS here started the week on a sour note yesterday as two of the world's biggest banks scrambled to raise capital, adding to fears that the unfolding economic crisis worldwide is taking its toll on even the biggest names.

The Straits Times Index (STI) finished 41.81 points or 2.5 per cent lower at 1,620.29, after slumping 2.6 per cent earlier in the day. United Overseas Bank (UOB) and DBS Group were the main drags on the index.

Around the region, bank stocks suffered after Standard Chartered Bank said it would raise £1.8 billion (S$4.1 billion) through a rights issue to boost its capital base and the US government agreed to bail out Citigroup by injecting US$20 billion into it and insuring up to US$306 billion of its troubled assets.

Here, UOB finished 3.8 per cent lower at $11.26, DBS fell 3.4 per cent to $9.27 and OCBC Bank ended 1.1 per cent down at $4.55.

In a report yesterday, DBS analysts said they remain 'cautious' on the local banking sector, despite the boost from the government's initiative announced last week to support lending to small and medium-size enterprises (SMEs).

'We believe this move by the government will ease credit worries, alleviate default risk of SMEs and restore confidence in the availability of credit to SMEs,' they said. Still, 'the key concerns ahead would be the extent of asset quality weakness the banks might face'.

Olam International, a supplier of agricultural commodities worldwide, led yesterday's blue-chip declines in percentage terms. It fell 7 per cent to 93 cents, revisiting last Wednesday's low. The stock has slumped 66.9 per cent this year amid a broader slide in commodity-related stocks, as the world's biggest economies tip into recession, hurting demand for a range of commodities.

But Hong Kong-based Noble Group, which manages global supply chains in food, energy and metals, defied the broader market yesterday, rising 0.7 per cent to 74.5 cents after slumping badly last week. For the year, the stock is still down 63.2 per cent.

Chinese shipyard operator Cosco Corp was the second-biggest loser in percentage terms among STI members, falling 6.8 per cent to 68 cents.

Of the STI's 30 component stocks, 25 fell, four rose and one finished unchanged. Index heavyweights SingTel and Keppel Corp were among the gainers, which helped limit the STI's losses. SingTel rose 1.2 per cent to $2.48 and KepCorp finished 0.2 per cent higher at $4.61.

Outside the STI, the broader market was also weak. Losing counters outnumbered gainers 284-108 overall, with 930 counters unchanged, excluding warrants and bonds. Trading volume was abysmally low.

Just 790.4 million units worth $650.3 million changed hands, compared with Friday's volume of 1.17 billion units worth $971.6 million. That includes warrants and bonds but excludes shares traded in foreign currencies.

CapitaCommercial Trust fell 8.2 per cent to 73 cents after the property trust said on Friday it was pursuing its refinancing needs with several financial institutions. A Reuters report that day suggested the trust had asked four banks to arrange $580 million in refinancing.

The FTSE ST All-Share index, which tracks 268 of the most liquid stocks listed here, fell 2.5 per cent yesterday, while the UOB Catalist index of stocks on the second board dipped 1.5 per cent.

Elsewhere in the region, most stock indices also ended lower, except in Japan where markets were closed for a public holiday. Hong Kong's Hang Seng Index slid 1.6 per cent.

-Research Report by CONRAD TAN (25 Nov)

Wave of heavy selling hits bourses

by R SIVANITHY (19 Nov)

Worries that Wall Street might tank send STI below 1,700; one billion units worth $863 million traded

THE region's stock markets were engulfed by a wave of heavy selling yesterday afternoon, resulting in the Straits Times Index (STI) losing the 1,700 mark when it plunged 57.12 points or 3.3 per cent to 1,692.55.

As always, expectations of how Wall Street might perform later in the day provided the main impetus, which means that going by yesterday's loss, the US market could tank when it opens.

Hong Kong's Hang Seng Index was also instrumental in setting the tone, with a 4.5 per cent loss. In addition, China's indices collapsed almost 7 per cent and Europe opened with an average loss of 1.5 per cent.

Turnover, which was poor before lunch, picked up in the afternoon. Excluding foreign currency issues, one billion units worth $863 million were traded, up from Monday's weak $638 million but still below last week's low average of $950 million.

Brokers said news that Citigroup plans to lay off 50,000 staff worldwide provided a sobering reminder to many investors that the downturn is only just starting.

In a Nov 14 report on Asia-Pacific banks, Morgan Stanley analyst Matthew Wilson said that in the current environment, earnings visibility is very poor and using book value as a gauge of value can be a problem.

'At this stage we have no clear view on the likely depth and breadth of the credit and macro cycle,' he said. 'Book value is a function of accounting. Consequently, it usually differs materially from economic value.'

In particular, Mr Wilson said goodwill impairment is a risk, and he sees no fundamental reason why investors should pay a multiple on goodwill. Nine Asian banks were identified for which goodwill accounts for more than 25 per cent of book value, among them DBS. The stock dropped 20 cents to $9.90 yesterday with 8.1 million done.

The property sector took a hit after news that a record low 112 units were sold in October and that some buyers were returning units. Goldman Sachs said yesterday it is cautious on developers, with a 'sell' on City Developments and Wing Tai because of their exposure to the prime residential segment.

The broker said that even though developer stocks are trading at an average 46 per cent discount to net asset values, it still prefers selected commercial real estate investment trusts. CityDev plunged 50 cents or 8 per cent yesterday to $5.75.

Elsewhere, commodities play Olam International was the subject of differing broker recommendations. JP Morgan, for example, in a Nov 14 report called an 'overweight' on Olam with a $1.19 price target, describing the company's first-quarter 2009 results as encouraging.

Merrill Lynch, on the other hand, on Monday rated Olam an 'underperform', down from 'neutral' and with a $1 price target. 'Our price objective is based on the Gordon growth model and implied 1.5x book.

We have cut our FY09/10 estimates by 10-18 per cent and expect lower sustainable ROE (return on equity) of 16-17 per cent as the company adopts a less geared capital structure,' said Merrill Lynch. Olam dropped 16 cents to $1.06 yesterday.

The US investment bank also downgraded another commodity firm, the Noble Group, setting a 70-cent price target compared with $3.15 previously. 'We acknowledge the stock is down 50 per cent since September but believe there is more downside risk given our prognosis that the slowdown in commodity trade will stretch into 2009,'

Merrill Lynch said. 'The stock traded at 0.6-0.7x in the 1999/2000 post-Asian crisis period and 0.8x during Sars and 9/11. We think it could trade at those levels again.' Noble ended 9.5 cents down at 87 cents yesterday.

-Research Report by R SIVANITHY (19 Nov)

Olam 181108

Olam broke 3 supports yesterday, which included the long term downtrend support (low red) and 1.09 neckline (red --). As we already know now, Olam is plunging.


Looking at the chart, some possible supports could be at :

1.04 (20 oct doji) - broke
1.00 (round number support) - broke
0.960 (green ...) - ???

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 --)

Olam 111108

After failing to break the 1.36 resistance (pink --) these 2 days, we saw Olam weakening today and close below the downtrend support (mid grey) and almost tested the 1.22 support (red ...). Could it be due to profit taking (low volume)?

If Olam managed to hold onto its 1.22 support, we could see it trading sideways between the 1.22 support and 1.36 resistance.

If the 1.22 support breaks, the next support could be around the 1.16 (low blue, low grey) to 1.18 level (pink ...).



For tomorrow :

Support @ 1.22 (red ...), 1.18 (pink ...), 1.16 (low blue, low grey), 1.09 (red --)
Resistance @ 1.24 (mid grey), 1.30 (pink ...), 1.307 (mid blue), 1.315 (mid red), 1.34 (upp grey), 1.36 (pink --), 1.40 (upp blue, blue --)

Olam 171008

A week ago, I mentioned that if Olam were to break the 1.40 support (blue --), we could see it testing the 1.30 level. This came only within 3 days, as we saw Olam breaking the 1.40 support on 15 oct, as well as the downtrend support (mid red, mid grey), closing on the 7 oct low of 1.22.



On 16 oct, Olam opened below the long term downtrend support (low pink) testing the 1.00 psychological level. We could see Olam trading between 1.00 and the downtrend resistance (low red) this week.

If Olam breaks the 1.00 level, we could see it hitting the 0.900 level as indicated by the downtrend support (low grey).



For monday :

Support @ 1.00 (green ...), 0.950 (low grey)
Resistance @ 1.138 (low red), 1.163 (low pink), 1.20 (mid grey), 1.22 (red ...), 1.25 (mid red)

Another day of selling into strength

by R SIVANITHY (16 Oct)

ST Index's 69-point fall on Wednesday amid credit-market uncertainties wipes out all of Tuesday's gains

Market players seemed inclined to sell into strength, given the many uncertainties surrounding the coordinated government bailout of US and European banks and the magnitude of the coming slowdown.

This conjecture was based on Tuesday's trading pattern when stocks slumped late in the session - a pattern that was repeated on Wall Street on Tuesday and again in the local market yesterday, when the Straits Times Index (STI) dropped 68.92 points or 3.2 per cent to 2,059.39.

The fall erased all of Tuesday's 51-point recovery and came after a 5 per cent loss in Hong Kong's Hang Seng Index, an 80-point drop in the December Dow Jones Industrial Average futures, and a soft opening across Europe late in the afternoon.

Turnover excluding foreign currency issues was a relatively thin 1.1 billion units worth $1.2 billion, much lower than Tuesday's $2 billion. The broad market, excluding warrants and STI stocks, managed just 97 rises versus 330 falls.

'Investors are still very jittery and prefer to sell into strength at every opportunity,' said a dealer. 'There is plenty of uncertainty about exactly how the government action will unfreeze credit markets, when this will happen and the impact of the coming recession.'

Leading the index losers were SingTel (probably because of Australian-dollar concerns), Keppel Corp (possibly because of worries over a slowing marine and offshore sector), and the banks.

SingTel's 19-cent plunge to $2.71 cut almost 20 points off the STI, while losses in the banks combined to account for a further 22 points. Sharp declines in commodity plays Wilmar and Olam sliced seven points off.

China shipyard Cosco Corp was in the spotlight for a second straight day, its 20.5 cent or 20.5 per cent collapse to 79.5 cents on volume of 86.3 million shares making it the second most actively traded counter.Tuesday's sell-off came after Credit Suisse rated the stock at 55 cents fair value.

Yesterday, DMG & Partners joined in with another 'sell' call along with an 86-cent target. Among other things, DMG said drastic changes to the macro-economic environment over the past two weeks have ended the multi-year boom cycle abruptly.

'The market for capital-intensive bulk carriers, already under close scrutiny from influx of new supply entering in 2009 and falling freight rates (a decline of 67 per cent from Sept 8), is now challenged with virtually no order delivery, delivery delays and cancellation possibilities,' DMG said.

RBS Greenwich Capital said: 'Some readers have asked why the money markets have not shown a greater improvement already. Traders suggest there are at least three reasons why the improvement is so restrained:

1) because the money market community is still unsure about how various government loan guarantees work and who exactly is covered;

2) because some money market funds have faced redemptions and are preserving cash; and

3) others are skittish having been caught out by the illiquidity of certain paper in the past and are likely to be even more discerning going forward.

'Nonetheless, there is some hope that once the government guarantees become better understood, spreads will start to tighten sharply, even allowing for the factors above.'

-Editorial Report by R SIVANITHY (16 Oct)

Olam 101008

After breaking the long term downtrend support (upp pink) on 6 oct, Olam seems to have built up some support around the 1.40 level (blue --), as indicated by the volume distribution bar.

Olam broke out of the downtrend channel on 9 oct, but quickly slipped back into the downtrend the next day. Trading has been volatile these few days, as evident by the long bars.

If Olam manages to stay above the 1.40 level, we could see it test the downtrend channel (upp grey, upp pink) this week.

However, if Olam breaks the 1.40 level, we could see it re-visiting the 1.30 level, and even test the downtrend support (low red).



For monday :

Support @ 1.40 (blue --), 1.33 (low grey), 1.20 (low red), 1.17 (low pink)
Resistance @ 1.47 (mid red), 1.55 (upp pink), 1.61 (upp grey)

Olam 031008

Olam today hit yet another lower bottom, testing the long term downtrend support (low pink) and almost tested the downtrend support (low red).

As mentioned on 30 sep, things won't look too well for Olam if it keeps forming lower bottoms. We may continue to see Olam trading within the downtrend channels (red, pink) for awhile.



For monday :

Support @ 1.565 (low pink), 1.535 (low red)
Resistance @ 1.715 (mid red), 1.73 (upp pink), 1.80 (pink ...), 1.88 (pink --)