Olam: What is the Direction?

Olam has broken down from the 200D MA support and will start the bearish trend. Although Olam bounced back from the 38.2% Fibonacci Support at about $2.64, it is likely the upside potential is capped at $2.78 which is the 50% Fibonacci Retracement Level.  If you look closely on this Olam chart, the chart pattern support & resistance fit very nicely on the various Fibonacci Retracement Level (50%, 38.2%, 23.6%). Thus, the next immediate support are $2.64 and $2.468 accordingly.

Previous Analysis on Olam.

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