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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.

Tuesday, May 6, 2008

Olam 060508

Another one that rocketed after breaking the downtrend resistance (upp red) and 2.75 neckline (red --). Olam also broke the 2.93 neckline (blue --), where it fell from on 16 jan.

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Olam closed at just 3 cents shy of the 3.06 neckline (pink --), and it is also trading closer and closer to the long term downtrend resistance (pink).

If Olam breaks the long term downtrend resistance (pink), we might see it testing the 11 jan peak of 3.19.

Otherwise, we might see Olam consolidating around the 2.93 support (blue --).

For tomorrow :

Support @ 2.93 (mid green, blue --), 2.76 (upp red, low green), 2.74 (red --)
Resistance @ 3.06 (upp green, pink --), 3.10 (pink), 3.19

Good Luck !!
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