On Friday, Wilmar re-test the resistance at $5.91 and closed at $5.89 with LOW volume of 6.11 million shares traded.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
Both RSI & MACD are bullish though RSI in overbought region.
Important Resistance of Wilmar: $5.91
Immediate Support of Wilmar: $5.75
Currently prices are well above the 20/50/100/200 days MA.
For the past week, prices have been trying to break the resistance at $5.91 but failed.
The resistance at $5.91 is expected to be very strong.
We would not suggest buying now especially when RSI in overbought region. Instead watch if $5.91 resistance can be broken otherwise be prepare to take profit if vested.
Stock Chart: Wilmar! is contributed by : Singapore Stock Information Exchange
