Wednesday, August 11, 2010

Olam - near term breakdown may pose as short term buying opp

Juz a quick note on Olam.
 
technically this counter has fallen through its support trend line at 2.62 and likely to test support at 2.48 (which was tested twice). With RSI looking oversold, expect some support to be found in the region - may be good region to go for a rebound.
 
Nonetheless, if this support give way, counter will test the lower trend line at 2.38.
 
I have attached my chart for Olam here. So far the trendline look pretty decent with overall general trend still positive. Also note the double bottom form at 2.17 region, which will be the very key support to negate the uptrend.
 
My personal observation. 
 
 


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