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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.


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