Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,124.45 +10.48 +0.34%
Hang Seng 26,521.85 +213.41 +0.81%
Dow Jones 26,816.59 +319.89 +1.21%
Shanghai Composite 3,007.88 +34.23 +1.15%
Wilmar: Will The Uptrend Continue?
Trend Spotting | 04 February 2013
By: Robin Han
Articles (102) Profile

Wilmar International tumbled in 2012.

After which, it went through a very long consolidation pattern of almost six months. This is likely to become a long-term bottom for the counter.

Recently, it has moved up by more than $0.60. From the weekly chart, we can see that both the MACD and the MAs (7MA and 13MA) are indicating a turn-up.

Last week, it broke the significant resistance level of at $3.75. The uptrend is still healthy – considering the long consolidation-pattern-turned-bottom – it is likely to have more steam to continue.

I will consider buying when it pulls back below the 38.2% Fibonacci retracement.

Weekly Chart of Wilmar International

Daily Chart of Wilmar International

Robin Han is a Ph.D in Department of Chemical and Biomolecular Engineering and has got a solid foundation in the financial markets.

Please click here for more information about this author.

Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.