Thursday, August 22, 2013

Olam (technical)

Olam: UOB Kay Hian has Technical Sell Call. House recommends SELL with a target price of $1.425 with tight stops placed above $1.67. The stock is likely to continue to trend down as prices have been resisted by its 50-day moving average as well as its mid Bollinger band, with the lower band failing to act as support. Its negative directional index has risen and may rise correspondingly with its ADX and its MACD indicator now below its centreline. Watch to see if the stock could close below $1.57.

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