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Olam: Channel trading?

Monday, March 28, 2011

Olam could be seeing the early days of trading within a channel. Continuing weakness in price could see support at $2.68 tested.


ADX has been declining and the downtrend has weakened. The MFI and RSI could both test 50% for support soon. The MACD continues to rise, although in negative territory. Underlying momentum is strong and there is demand. To verify this, today's black candle day was on the back of relatively low volume.

See if a picture of low volume pullback should continue. Buying at supports could be very rewarding if this were the case.

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