Wilmar broke out of its $4.77 horizontal resistance line and moved up further. We’re seeing a re-test of this resistance turn support and if it manages to hold steady, we might see Wilmar testing the round number resistance of $5. There was a huge volume increase yesterday and with today’s pullback on lighter volume is considered healthy to us.
Wilmar has been a counter we’ve been eyeing since 2 months ago in Feb was it was just trading at $4.43. It has since then moved up over 10% and might be looking to challenge the $5 resistance which more profit taking might come in. Looking out for that!
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