Olam: My lottery play for a rebound

Olam had made a strong rally without a meaningful retracement.
It has been in retracement mode the last two weeks or so.
It has reached the 38.2% Fibonacci level.

This is a lottery play because there is no clear buy signal other than the retracement level.

23 Feb: Opened LONG at $2.34
Cut loss if Olam breaks the $2.10 support, target to take profit at $2.76 (100% Fibonacci).


Outcome:

23 Feb: Opened LONG at $2.34
12 Mar: Closed at $2.28
Reason for closing: Crossover within GMMA long-term group of averages and weekly Impulse does not allow to hold long position.
Loss $0.06, 2.6%