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, November 25, 2008

Olam 251108

After opening above the downtrend resistance (mid grey), Olam weakened quickly and broke the 0.960 support (green ...) and 0.930 support (green --). Olam closed right on the 0.900 support (pink --). Moreover, today's break down was accompanied with volume.

The last time Olam traded below the 0.900 level was on 28 oct (0.835 low). If Olam breaks the 0.900 support, we could see it revisit this low. Would that have completed the double-bottom formation?

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For tomorrow :

Support @ 0.900 (pink --), 0.835 (28 oct low), 0.813 (low grey)
Resistance @ 0.930 (green --), 0.945 (mid grey), 0.960 (green ...), 1.00 (blue --), 1.015 (low red)
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