Olam has been very volatile in recent weeks swinging up and down. Base on current chart, Olam is facing a tough resistance at about $2.515 (which is the down trend resistance line, 50D MA resistance and also the 61.8% Fibonacci Resistance). Olam will be turning down if the share fails to break this resistance. There was a Deaisen (Bearish Meeting Lines) candlestick pattern, which is a reversal pattern, formed at 50D MA resistance which showed Olam has failed to break the resistance. Looks like $2.00 is the next possible price target in the coming weeks.
Tags: Bearish Meeting Lines