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).
- Post author:Marubozu
- Post published:October 17, 2010
- Post category:Wilmar International
- Post comments:2 Comments
Tags: Ascending Triangle