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OML Breaking Resistance

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bothac_1
Contributor
Hi. Quite new to TA, so am I correct in saying that OML broke resistence today? What other indicators would you use to confirm this? & Is it a good time to buy?
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2 REPLIES 2
Vano
Regular Contributor
Have a look at long term chart, the low (about 946c ) made during March 2003, represents a strong resistance level. Don't get caught.
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Not applicable
Charts are mixed - you have a classic double bottom with its W shaping up. You also have a classic double top looming. A momentum trader would trade if OML closes above 980 odd - because that would complete a classic double bottom. A range trader would short around these levels, if we get confirmation that a new double top is formed (candles are a good indicator). A swing trader would wait for the breakout up, then the subsequent pull back before getting in to go long.
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