Fred Olsen Energy 23.11.2007

FOE has since mid-August this year been in a more or less rising trend channel. The trend channel is not very strong as can be seen from ADX for this period, but we will still say that it is evident. The support line seen in the chart is backed by the RSI support line. The price and RSI is both in the lower end of the trend channel indicating that the price could rise the following days. Absolute target for now is at about 296 NOK. If the price falls it will find support at about 262 NOK. Looking at the volume traded this last month we see that there is usually higher volume the days the price is touching- or nearly touching the support- and resistance- lines except this last time. This is a bit strange but it could be that there are not many traders in the stock at the moment and that those who wants to buy the stock would like to wait for more reasons to buy it.