Looks like Wilmar has finally breakout from a Symmetrical Triangle after so many months of consolidation (see previous analysis). The breakout is supported by a spike in volume. However, still need to wait for Wilmar to retrace to test the previous resistance turned support (at about $3.20) to confirm the breakout. Currently Wilmar is pulling back with Dark Cloud Cover candless to test the $3.20 level. Target price for this breakout is $3.60 which is also close to 200D SMA.
- Post author:Marubozu
- Post published:December 22, 2012
- Post category:Wilmar International
- Post comments:0 Comments