Technical Analysis: Olam International Limited October 31, 2016 494
Olam Intl Ltd – Daily timeframe (Update from 20 Oct 16)
Current Sentiment: Bullish
Support 1: 2.010 Resistance 1: 2.130
Support 2: 1.990 Resistance 2: 2.160
Price has been gradually moving higher as expected with the 20 day moving average supporting price.
The recent move higher was backed by consistently high volume and the 2.010 support area is shaping up to be a strong base. Moreover, price just broke above the 2.080 immediate range high with increasing volume on 28/10/16 suggests further upside next.
Expect price to head higher next to test the 2.130 resistance area followed by 2.160.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.