Wilmar, a palm oil related stock which we blogged about just a day back came tumbling down today to hit a low of 3.52.
It broke below the horizontal support of 3.60 which we have drawn and went to as low of 3.52. Not bad in a day. But of course we always preach slow and steady. =) Wilmar has been down for a couple of days so do take note of that. Our target still stays at 3.48 but we’ll shift our stop loss lower now to 3.62 level. So worse case if wilmar rebounds we’ll break even.
The support will now be the resistance and we’ll add 1-2pip more just in case. We’re using Poems CFD to short the markets and not doing a naked short.
For those who has been asking how to use CFD to short, stay tune we’ll be calling for a seminar shortly.