Technical Pulse: Olam International Ltd November 10, 2020 416

Olam International (SGX: O32) continuous downtrend has been persisting but recent technical indicate a revival of the bulls:

  1. Ichimoku indicator indicate that the revival of the 3 golden cross is on the way. With 2 out of the 3 signals completed, namely the Tenkan-sen and Kijun-sen golden cross and Chikou-span crossing above the candles. What is left is waiting is the prices breaking above the cloud, which the Senkou-Span B serves as the resistance level.
  2. Senkou-Span A has crosses above Senkou-Span B.
  3. Potential Inverted head and shoulder formation indicate a potential bullish reversal.
  4. The build-up of the bullish rally from the right shoulder into the cloud indicate a strong momentum, thus the probability of breaking the resistance is high.


*Timeline of the trade is 3 weeks from the date issued.

*The resistance zone and the downtrend line remain a strong resistance, once prices breaks above these key resistance zone, Olam will likely test $1.52, which is at the 127.2% extension of the inverted head and shoulder.



Ichimoku Kinko Hyo

Red dotted line = 9 Periods Tenkan-Sen

Blue dotted line = 26 periods Kijun-Sen

Green Line A= 26 periods Senkou Span A

Pink Line B = 52 periods Senkou Span B

plotted 26 periods ahead

Black line = 26 periods Chikou Span. Lagging line

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