Can there be more weakness now as mentioned last week.... ?
Sent: Wednesday, 2 September, 2015 9:17 AM
Subject: ******** Wilmar: Back to support at 2.70 again... price 2.74
Subject: ******** Wilmar: Back to support at 2.70 again... price 2.74
Wilmar has traded back to the 2.70 support again after a slight rebound a few days back as mentioned in previous call. 2.70 would be a level to watch to stem any further downside with commodity prices still weak worldwide. 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. Those looking to catch any short term rebound can do so near 2.70 for a rebound back to consolidation resistance at 2.90 but stop loss if support breaks down.
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