Olam: Breakout from a Strong Resistance!

Olam breaks a critical resistance at $2.82 yesterday. The next resistance is $3.05 (extended resistance line back in Mar-May, 2008) followed by $3.224 (123.6% Fibonacci Retracement Level). A safer entry point to consider is when Olam retraces back to$2.82 to test this is a good support to confirm the breakout is successful.

This Post Has 2 Comments

  1. Roy

    Thank you Marubozu!

    OLAM does look set to make its price move going upward with increased revenue & net profit resulting in the growth of EPS (Current: $0.179).

    The only concern I have is their negative operating cash flow.

  2. RL

    Friday looks like formed High-Price Gapping Play pattern, which is a ‘buy’ signal.

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