Olam: What is the Direction?

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Olam has broken down from the 200D MA support and will start the bearish trend. Although Olam bounced back from the 38.2% Fibonacci Support at about $2.64, it is likely the upside potential is capped at $2.78 which is the 50% Fibonacci Retracement Level.  If you look closely on this Olam chart, the chart pattern support & resistance fit very nicely on the various Fibonacci Retracement Level (50%, 38.2%, 23.6%). Thus, the next immediate support are $2.64 and $2.468 accordingly.

Previous Analysis on Olam.

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Golden Agriculture (GAR): Watch this 200D MA Support!

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Golden Agri has reached the target price base on the last analysis. However, it is important to watch closely whether there is any reversal candlestick pattern for the rebound from this 200D MA support. If Golden Agriculture cannot hold above this support level, GAR will continue the down trend. Next support is $0.547 which is the 38.2% Fibonacci Support.

Continue ReadingGolden Agriculture (GAR): Watch this 200D MA Support!