Olam – Breaking Down From A Rising Wedge?

Olam appears breaking out (down) from a rising wedge. This rising wedge in an uptrend is a trend reversal pattern. If this $2.60 support turn to resistance, a breakout (down) is considered successful and the down trend will start. Next critical support is $2.50, if this support is broken, a double top is formed and this is a further confirmation of down trend. The stock price may go down to $2.085. Also take note that Olam has broken down 20D and 50D MA. All these patterns are bearish signals.

This Post Has 3 Comments

  1. Marubozu

    OCBC Investment Research has a BUY rating for Olam with target price of $3.33.

  2. KK

    Daiwa Securities upgraded Olam to BUY with 6 months target price of $3.04.

  3. Penny Stocks

    Great idea! i’m going to give your plugin a shot. Thanks……………

Leave a Reply