Wednesday, December 23, 2009

Olam resistance turned support rebound




Rebound from multiple support zones created by lower blue channel support, green channel and pink support zones. Immediate resistance is lavender resistance zone. Stochastics just crossover at oversold region. RSI rebounced from 41 to 38 RSI support zone. Short term RSI indicates rebounce to lavender zone or even light green zone if buying interest picks up. Long term shows bearish divergence for both RSI and MACD. Breakdown of green channel will force price to retest red support trendline.

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