I read the latest morning note on Olam technical.
A quick glace at the chart, doesn’t it also look like descending triangle with multiple lower highs?
Yes indeed, it was a descending triangle, but we were emphasising on the support at 2.18 and the hammer reversal candlestick formation. The long trade was not taken as the bullish follow-through failed to play out.
With the benefit of hindsight, the 2.18 support was broken to the downside suggests further downside. Some key support areas to watch for possible rebound next is the 2.10 area followed by 2.04.
thank you for the update.
May I ask what sort of price action will be consider as bullish follow-through? Hit the 2.22 entry price?
Replying to #17195
Now can buy Olam ?
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About :Guangzhi graduated from Singapore Management University with a Master degree in Applied Finance and from South China University of Technology with a Bachelor degree in Electronic Commerce.
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