Rebounded over the past few days then back down today again..... Let’s see if 2.70 holds....
Sent: Monday, 31 August, 2015 9:14 AM
Subject: ******* Wilmar: Back to consolidation above 2.70, capped at 2.90 for now.
Subject: ******* Wilmar: Back to consolidation above 2.70, capped at 2.90 for now.
Wilmar is still in the range of 2.70 to 2.90 after staging a rebound from the 2.70 level. Only a clear move above 2.90 psychological resistance will invalidate our short term bearish scenario. CFD SELL positions can be used as it trades upwards near the 2.90 level for any retracement back down to 2.70. 100 day MA line has just crossed below the longer term 200 day MA line in a sign that mid to long term trend may still be weak. MACD momentum indicator still below the zero market where selling momentum can continue on a slight technical rebound seen. Note that there can be more weakness as mentioned previously if the support at 2.70 breaks down further, we can then expect a move to 2.50 then 2.00.
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