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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.

Monday, September 8, 2008

Olam 080908

Has Olam formed a double-bottom? Could be, but it's still too early to tell as it has yet to even break the downtrend resistance (upp red) and 2.09 neckline (red --).

I mentioned on 2 sep that if Olam softens below 2.09, we could see it test the 1.96 support (blue...). True enough, it closed right on the 1.96 support on 3 sep.

Thereafter, Olam even broke the 1.86 support (pink --) but it rebounded strongly today to form a Doji.

As I've mentioned earlier, much have to depend on Olam breaking the 2.09 neckline to confirm the double-bottom formation. If not, we could see it trading sideways between the 1.96 support (blue ...) and 2.04 resistance (pink ...).

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For tomorrow :

Support @ 2.00, 1.97 (low pink), 1.96 (blue ...), 1.88 (low red), 1.86 (pink --)
Resistance @ 2.04 (upp red, pink ...), 2.09 (upp green, red --), 2.13 (upp pink), 2.16 (green --)
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