Wilmar is a palm oil stock that we’re looking at. Palm oil related stocks had some downside today. Stocks like First Res, golden agri and indoagri.
Wilmar tested its 3.60 horizontal support and recovered slightly. We’ll be watching it to see if 3.60 breaks in the coming days in order to consider a short. We’ll be using Poems CFD to open our short position as we would want to swing it down to 3.48 and then 3.43 if possible. Our stop loss would be at 3.69.