CFD Trading Note – Buy Olam Intl (O32.SGX) @ $1.54. Stop @ $1.47 and Target @ $1.68.

Olam Intl Stock Code O32.SGX

Outlook

Price moved into the cloud yesterday but was unable to break above the cloud, closing just below the cloud. However, price managed to break above the bullish Flag chart pattern, which is a bullish signal. The Flag pattern has a price target of $1.68, which is close to the previous high of $1.73. Conversion and Base lines had a bullish crossover earlier, hinting of the bullish trend. Lagging Span is above price of 26 days ago but is below the cloud. MACD remains bullish and is hinting of a price rally ahead. If price can stay above $1.48, we are expecting price to test the Flag price target at $1.68 in the next 2-3 weeks.

Strategy                  

$1.54                 Buy

$1.68                 Price Target

$1.47                 Risk Management Stop

3 weeks            Trade Duration

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