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, September 2, 2008

Olam 020908

Olam have recovered ever since trading below the 1.96 support (blue ...) last week. Olam has also broke above the downtrend resistance (upp red) and 2.09 neckline (red --) today. However, volume seems rather weak so we could see some profit taking.

If Olam can continue to trade above the 2.09 support (red --), there is a good chance it could break the 1st long term downtrend resistance (mid pink) and uptrend resistance (mid green).

However, if Olam softens below the 2.09 support, we could see it testing the 1.96 support.

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For tomorrow :

Support @ 2.09 (red --), 2.06 (upp red), 2.04 (pink ...), 2.02 (low pink), 1.96 (low red, blue ...)
Resistance @ 2.14 (mid pink, mid green), 2.16 (green --), 2.20 (blue --), 2.22 (upp green)
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