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.

Thursday, December 4, 2008

Olam 041208

After trading sideways for more than the last 2 weeks, we finally saw some action today. Olam broke the long term downtrend resistance (now turned support - low red). Volume done today was also the most since 30 may 2008 (35.1m).

After breaking the 0.960 neckline (green ...), Olam went on to test the 1.00 resistance (blue --), before closing just above the 0.960 neckline. If Olam manages to continue to trade above the 0.960 neckline, we could see it test the 1.00 resistance very soon.

However, if Olam breaks the 0.960 support, we could see it revisiting the 0.930 support (green --).

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For tomorrow :

Support @ 0.970 (upp grey), 0.960 (green ...), 0.930 (green --), 0.920 (low red), 0.900 (pink --), 0.890 (mid grey)
Resistance @ 1.00 (blue --), 1.05 (mid red), 1.06 (blue ...), 1.09 (red --)
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