Weekly chart shows the breakout from the down trend and now Olam has retraced to test the previous resistance turned support.
Weekly Impulse allows to go long in the daily time-frame.
Matching Low bullish candlestick reversal pattern formed below 10d EMA and stochastic oscillator %D below 20.
Candle pattern filtering satisfied.
The second candle shows a re-rest of the low, but with much lower volume, indicating less selling pressure.
Confirmation is recommended before going long.
Daily Impulse does not allow to go long.
Should wait for 13d EMA or MACD-Histogram to tick up first before going long.
Price and Lagging Line are above the cloud. (bullish indication)
Conversion Line is above the Base Line. (bullish indication)
However, GMMA is showing sign of danger of trend collapse.
Thus emphasising to wait for confirmation and for daily Impulse to allow to go long.
Outcome:
The Matching Low bullish candlestick pattern was not confirmed.
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