Olam International Technical Analysis:
5 July 2016, Tuesday, 8.00am Singapore Time
Attached above is the technical analysis showing the volume play in Olam International.
As warned during end of 2015 and start of 2016 (January-February 2016) that commodity stocks will be the strongest, Olam is still displaying strength and is one of the strongest commodity stock in Singapore Stocks Exchange (SGX). Hence its rebound will the strongest among the commodity stocks.
Olam International Technical Analysis:
5 July 2016, Tuesday, 8.08am Singapore Time
Attached above is the technical support and resistance lines showing the strength in this stock.
It has broken resistances (pink and blue lines). It has multiple supports with it right now (blue and orange supports). It will reinforce these supports as a launchpad for further rallies
Note that the big dead cat bounce rally will be significant. It will even last short-mid term. But they remain long term counter-trend relief rally. Most people are bearish in the financial markets due to Brexit.
Brexit will turn out to be not much of an event; instead it is an event to lure shorts in, lay traps on them and rob the shorts. It is an event that throws people into confusion, making wrong decisions based on logic. Market is not about logic.
DNA Technical Rating on Olam International:
Bullish
Expected to rally for the rest of 2016 and 2017.
Expected to rally for the rest of 2016 and 2017.
Don, if market is not based on logic, what is it based on? Kindly enlighten :)
ReplyDeleteBig Hands, smart monies and international hot monies' funds flow.
ReplyDelete