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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, November 11, 2008

Olam 111108

After failing to break the 1.36 resistance (pink --) these 2 days, we saw Olam weakening today and close below the downtrend support (mid grey) and almost tested the 1.22 support (red ...). Could it be due to profit taking (low volume)?

If Olam managed to hold onto its 1.22 support, we could see it trading sideways between the 1.22 support and 1.36 resistance.

If the 1.22 support breaks, the next support could be around the 1.16 (low blue, low grey) to 1.18 level (pink ...).

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For tomorrow :

Support @ 1.22 (red ...), 1.18 (pink ...), 1.16 (low blue, low grey), 1.09 (red --)
Resistance @ 1.24 (mid grey), 1.30 (pink ...), 1.307 (mid blue), 1.315 (mid red), 1.34 (upp grey), 1.36 (pink --), 1.40 (upp blue, blue --)
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