Wilmar is just trading around $5.00 on last trading day. Watch this $5.00 closely because this level used to be a reliable support for past few occasions. Breaking this $5.00 will send Wilmar price down to the falling wedge support in the $4.00 to $4.50 region. Base on the current chart pattern, Wilmar has high probability Wilmar of l breaking this support.
Wilmar has been testing $5.00 for the past 4 occasions. Watch this support closely as breaking down at this support level may kick start very bearish trend for Wilmar. Also take note that Dead Cross has already happened on Wilmar where 20D MA already crossed 50D and 200D MA. Immediate Resistance is at about $5.47.
The selling off is bloody.. the US GDP and Job Data are lousy!
China last PMI shows China’s economy is contracting.
Debts in Europe and US are still not solved yet…. only prolong the pain …
For those who know how to short in the bearish market, they will make a lot of money if they know how to short. I am searching for stocks with high PE ratio to short because it has more downside potential (YES! I use downside “potential” now instead of downside risk”). Feel free to contribute your shorting list here…
My Shorting Watchlist