Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Sunday, March 9, 2008

Olam 070308

Olam's recovery above the long term uptrend support (blue) on 6 mar was short-lived, as the next day saw Olam trading below the short term uptrend support (low light blue).

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I've added a pair of long term downtrend channel (pink). You can see from the chart that Olam closed right on this support (low pink) today. It also closed on the downtrend support (red --).

If Olam breaks these 2 supports, we might see it trading within the downtrend channels (red --) and testing the 2.00 level.

For monday :

Support @ 2.233 (pink), 2.222 (upp red --), 2.10 (low red --)
Resistance @ 2.255 (low light blue), 2.368 (blue), 2.388 (low red)

Good Luck !!
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