0131 GMT - Olam Group's share price forms a head-and-shoulders pattern on the technical chart which signals a potential reversal to a bearish trend from a bullish one, Phillip Securities Research's Zane Aw says in a research report. This follows the share-price's bearish movements, where it failed to hold above resistance at S$1.25 after breaching this level at the start of December 2024, the analyst says. The moving average convergence divergence indicator supports the bearish view, given decreasing momentum and dropping below the zero line, the analyst says. The share price is likely to pull back further if it breaks below support at S$1.14 and retest S$1.06, the analyst adds. Shares are unchanged at S$1.15. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 15, 2025 20:31 ET (01:31 GMT)
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