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.

Tuesday, May 27, 2008

Olam 270508

After opening below the 2.70 level (and even below the 2.63 support - pink --) yesterday, we saw Olam testing the 2.60 support, before recovering to close the day on the 2.74 resistance level (red --), resuming trading within the uptrend channel (green).

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Olam today opened above the 2.74 resistance level. Although it tested the 2.74 support (red --) and downtrend support (mid pink), Olam was still trading within the uptrend channel.

We then saw Olam testing the downtrend resistance (upp pink), before closing just below it.

If Olam can continue to trade within the uptrend channel (green), there's a good chance we might see it breaking out of the downtrend channel (pink, red).

For tomorrow :

Support @ 2.75 (low green), 2.74 (red --), 2.73 (mid pink), 2.66 (mid red)
Resistance @ 2.83 (upp pink), 2.86 (upp red), 2.92, 2.96 (blue --)

Good Luck !!
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