Wilmar: Upside reversal may still be in progress. Price 3.67.

by michaelg April 22, 2019

Author: Trading Impossible | Joey Choy
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Just at the beginning of April, we saw Wilmar approaching the 3.40 resistance level bullishly…

There seems to be some bullish signs of it attempting to break above that key level that it has been trading below since July 2017..

Sellers just could not handle the influx of buyers and were lifted off…

Also, from the trend indicators, there were also some signs of upside reversal showing..

Hence, some upside target were drawn, with first target towards 3.60 as seen below…

Just about 2 weeks back, we have seen our target hit and some profit taking happened..

However, target was revised higher as buyers were still in control from the price action..

Coming out on dips after the profit taking..

Target revised to 3.85 thus as we were still monitoring the stock..

Fast forward to today, still seems to be holding well above the new support at 3.60 for now..

Some slight selling pressure faced near 3.70 which is normal..

After the recent rally, would likely take a breather and see some consolidation before it attempts to push towards target drawn previously..

As long as 3.60 holds, still looking alright in the short term.. let’s see when 3.70 will give way too for the reversal to continue..