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.
Tags: Rising Wedge