Shares & Derivatives
Wilmar: Testing resistance with strong momentum.
By A Singaporean Stockmarket Investor (ASSI)  •  January 5, 2013
Wilmar's momentum oscillators are firing away! They are strongly positive and the stock could go higher even though it has hit resistance provided by the 200d MA. A correction in price would see strong support at $3.23 while immediate support is at $3.53.
Daily chart.
Weekly chart.
In the event that price action overcomes resistance, the immediate target is provided by the descending 50w MA and I would hazard a guess of $3.81. If that goes, then, it would be the 100w MA at $4.60 but I would be quite surprised if it should happen without at least a pull back in the next few weeks.
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By A Singaporean Stockmarket Investor (ASSI)
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