It is just a flash in the recent Olam’s rebound. After failing to test the wedge resistance at about $2.515 (also the 61.8% Fibonacci Resistance). Olam drops below 20D and 50D MA again. Need to watch whether Olam can still stay within this wedge when the stock price test the wedge resistance at about $2.20. If Olam breaks down from this wedge, the price target is $1.70.
Genting HongKong is forming a wedge pattern. The immediate resistance is at about $0.46 which is also the 78.6% Fibonacci Resistance. It is crucial to see whether Genting HK is able to break the 20D and 50D MA resistance, otherwise we may see the short term bear takes charge of Genting HK.
Swiber is forming a Long Term Wedge from April 2010 to Dec 2010. Current Swiber stock price is moving in a very tight range between $1.092 (78.6% Fibonacci Resistance) and $0.953 (61.8% Fibonacci Support). Also take note that the recent high from Sept to Nov is getting lower and lower. It is not advisable to take any position until there is a clear breakout for Swiber.
