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).

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.