Wilmar: Pulling Back Soon?

Wilmar seems to be rejected at 200D SMA with a Bearish Engulfing candlestick pattern on daily chart. A Hanging Man is observed on weekly chart. Both candlestick pattern point to potential reversal in coming days. Opportunity to take profit for those who already have the position and buy on retracement for those who have missed the early boat.

On bullish side, Wilmar is forming a Bullish Pennant. So, also watch out a bullish breakout if retracement does not happen.

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