Olam: Beware of the Reversal
Olam is closing in the resistance at about $2.84. This level has been proved a very tough resistance to break on the past 4 occasions. Not a good entry level now until a clearer chart pattern is observed.
Olam is closing in the resistance at about $2.84. This level has been proved a very tough resistance to break on the past 4 occasions. Not a good entry level now until a clearer chart pattern is observed.
Noble is currently trading within a falling wedge. Things to watch: Noble may start an uptrend if Noble moves above $1.80 to break the wedge resistance, 20D MA and 50D MA. Otherwise, the down trend will continue to about $1.50 which is the 61.8% Fibonacci Retracement support.
IndoAgri is showing the similar pattern as Wilmar where a formation of higher high and higher low pattern is seen. There is a potential reversal at the current price to form a higher high pattern where IndoAgri is going to test the previous support turned resistance line (blue line). A good entry point is when IndoAgri pulls back to the uptrend support line (green line) at about $2.20.