Technical Analysis: Olam Limited October 20, 2016 21
Olam Ltd – Daily timeframe (Update from 28 Sept 16)
Current Sentiment: Bullish
Support 1: 2.010 Resistance 1: 2.100
Support 2: 1.960 Resistance 2: 2.130
Price continued to build a base off the 2.010 support area where it was heavily defended, keeping the uptrend intact.
There was a surge in volume on 19/10/16 that was accompanied by a hammer rejection off the support area. In addition, price forced a close back above the 20 day moving average suggests the bulls are still in control.
Expect price to head higher next to test the 2.100 resistance area followed by 2.130.
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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.