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).
- Post author:Marubozu
- Post published:July 2, 2012
- Post category:Wilmar International
- Post comments:0 Comments