On Wednesday, Olam trend upwards and closed at $1.695 with HIGH volume of 0.113Billion shares traded.
Both RSI & MACD are bullish as RSI trend upwards.
Important Resistance of Olam: $1.74
Immediate Support of Olam: $1.53
Currently prices are well below 20/50/100/200 days MA.
On 20/Nov, Olam have been undergo heavy selling pressure and fall as much as 11% on news of Muddy Waters questioning the commodity firm’s accounting methods. However prices managed to end 5.28% higher at S$1.695 with high buying pressure today as Olam Chief Executive fights back on the slander.
The resistance at $1.74 is expected to be very strong.
Too late to buy Olam now as the resistance at $1.74 is strong and investors are expected to take profit there. Suggest to watch for more news to unfold before entry.
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