Wilmar seems to have bottoming up at $3.40 and reversing the trend now base on 2/5 EMA. Current price is also well supported by 20D SMA. If Wilmar can break the previous high of $3.74, the price target is $3.95 which is the 161.8% Fibonacci Retracement Level. This level also coincides with 50D SMA. Current Wilmar’s chart is only good for very short term trade because the chart pattern is still bearish (50D & 200D SMA are sloping down).
A nice chart on Capitaland for a potential bullish short trade.
Capitaland has retraced back to 61.8% Fibonacci Retracement Level after reaching the high at $2.75 recently. As long as Capitaland stays above this 61.8%% FR at about $2.63, the price target for the short trade is $2.95 which is the 161.8% FR level. 2/5 EMA on both daily and weekly charts show bullish signal and 20D SMA is trending up. 200D SMA is at $2.67.
However, watch out for the Bearish Engulfing candlestick at the 200D SMA resistance. This candlestick pattern may spoil the fun!
OCBC has broken the neckline of a Rounding Top / Triple Tops. The recent rebound failed to go above the neckline and thus this previous support now become resistance. All three 20D, 50D, 200D SMA are trending down. 2/5 EMA are showing bearish signals on both daily and weekly chart. OCBC has also broken the recent low of $8.40 and the price target for this shorting trade is $8.00 (161.8% FR).
See other Straits Time Index 30 Stocks Watchlist.