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.

Saturday, May 10, 2008

Olam 090508

After testing the 3.08 resistance (pink --) on 7 may, Olam softened and broke the uptrend support (mid green). Olam also broke the 2.93 support (blue --).

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The chart shows that Olam just about stayed within the uptrend channel (green). We might also see Olam consolidating further along the the current levels.

If Olam breaks the uptrend support (low green), we might see it testing the 2.74 support (red --).

If Olam can continue to trade within the uptrend channel (green), and break the 2.93 neckline (blue --), we could see Olam attempting to test the 3.08 resistance again.

For monday :

Support @ 2.87 (low green, mid pink), 2.775 (low pink), 2.74 (red --)
Resistance @ 2.93 (blue --), 3.037 (mid green), 3.08 (pink --), 3.09 (upp pink), 3.16 (upp green)

Good Luck !!
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