Wednesday, March 20, 2013

****** Short Term Trading Buy : Olam. Share price 1.735

Critical resistance at 1.72 has been tested and broken today. Has traded below this 1.72 resistance level since November last year and has since formed a Ascending triangle pattern formation which is one of the most Bullish signals. Resistance will now turn to support at 1.72. As long as 1.72 remains as the new support, potential upside to target 1.80 and 1.84 is possible. We are bullish above 1.72. A break above 1.80 can see it test 1.84 quickly.
Stop loss at 1.695

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