Olam Intl is still on a downtrend mode as reflected from the chart. With the current price of $1.595 staying below both 14SMA & 25SMA lines this rather bearish.
The volume changing hand is getting thinner it may well go down to re-test the previous low of $1.575. Breaking down of $1.575 with high volume that may see a greater pressure for the share price to head lower towards $1.50 with extension to $1.45 and below.
The price is geared towards downtrend and short-seller may take advantage to push the price lower to drop below $1.575 to benefit the gain of buying back the share at a much lower price.
Unless it is able to reverse this downtrend by doing a counter rebound to cross over $1.71 in order to move up the channel.
(trade base on your own decision)
Update - OLAM International - 25th January 2016
Olam International today has broken down the previous low of $1.61 as reflected on the chart with a Long Black candle stick , this is generally very negative.
Short term can expect the price to fall further towards $1.50 then $1.45.
(trade base on your own decision)
Olam Intl - 17th January 2016
Olam Intl has broken down the critical support level at $1.68 on 15th January and close lower at $1.665. This is rather bearish. the current price is staying below both 14SMA & 25SMA lines and may see further weakness for the price to head lower.
Also both MACD & RSI are pointing downwards which may be a tell tale sign that the price may continue to trend lower.
From the chart we can see that there is not much major support to stop the price to fall from $1.665 to $1.46 that was tested in Jan 2014.
Short term wise STI market is gearing more towards down side / bearish mode and it may be possible for Olam Intl to re-test the low of $1.46 again.
(trade base on your own decision)
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