Wilmar International: Testing an Important Resistance

Wilmar is testing an important resistance for the 3rd time at about $6.45.  Do take note that this level proves to a strong and tough resistance to be broken for the past few occasions. Coincidently this level is also very near to the current 200D MA, and also the resistance of a potential Ascending Triangle pattern. If this $6.45 is broken, the next immediate resistance is at $7.00. Else, Wilmar will reverse the trend with the immediate support at about $6.044 (78.6% Fibonacci Retracement Level).

This Post Has 2 Comments

  1. pingpongpang

    hi, wilmar at today’s price of 6.20 plus, u think it is trending downwards towards support levels of 6?

  2. Marubozu

    Yes, base on the chart pattern. Nothing is 100% correct but at least we have some idea how the stock price may move in near future.

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