WHAT a MASSIVE gap down for wilmar today due to profit warning of 230mil. Wow if you shorted it which we spotted on our blog.
In our previous post we mentioned that the resistance was at 3.37 and stop loss at 3.38 . Well wilmar broke 3.37 and tested 3.38 but came back down after that and didn’t manage to recover ever since which showed a sign of weakness. Congrats if you re short it and now where to for wilmar? It could try to move back up to about 3.24 range which is the next resistance and after that we might see more downside . As the ย results are expected to be bad it might be tough for wilmar to rally back to 3.38 level hence we are still looking to short it.
On the other note, STI is coming very close to our target of 2964 off by just 10 points. If momentum is good we might see it come close to 3000 and once there we might be looking for short opportunities. Stay tune =)
Yours
Humbly
