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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About the author

Profile photo of Jeremy Ng

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.

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