Olam: The Bull is Tired!

Olam has been forming a multiple tops since last breakout. The current level is also close to 3 years high. Recently Olam has broken the 50D MA support and unable to break above the 50D MA. This 50D MA has turned support into resistance. It is a time to take profit if you have made handsome profit since the breakout. The next immediate support is $3.05 (Double Tops Resistance in 2008) followed by $2.845 (78.6% Fibonacci Retracement Level).

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