On Monday, Olam re-test the support at $2.31 and closed at $2.32 with HIGH volume of 30.49 million shares traded.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Both RSI & MACD are bearish as RSI trend downwards.
Important Resistance of Olam: $2.47
Immediate Support of Olam: $2.31
Currently prices are well below 20/50/100/200 days MA.
For the past 5 trading sessions, prices have been falling with high selling pressure and this is a bearish signal.
In fact, bears have attempted to pull the prices below the critical support of $2.31 with high selling pressure but failed.
The support at $2.31 is expected to be strong.
Watch the support at $2.31 for any consolidation before entry. Do not attempt to catch a falling knife.
Be The First To Comment