the stock has given about 175% approx returns in just 7 months.
it could be possible that, it could hold onto this support, and then start moving, but now its good time to buy. stock has been in a good rally, and i dont see, it will go down, and nullify the rally. i dont see further fall in the stock, and going more lower to its supports.
the stock is just...
Prices are approaching support where we could see a bounce from our buy entry. Ichimoku cloud is showing signs of bullish pressure as well in line with our bullish bias.
Wilmar resumed its uptrend LT in July 2019.
Multiple buy signals MT and ST were issued on 270720 and 250920 @$4.41-$4.46
PIVOT : $4.54
Buy at the break and hold above $4.54
Target ATH of $7.29
Stop Loss $4.36
A break of $4.36 will negate the ST buy signal and test $4.04
Price is testing our resistance in line with our 61.8% extension and 78.6% retracement where we could see a reversal below this level to our take profit target.
Price is facing bearish pressure from our resistance in line with our 127.2% fibonacci retracement and fibonacci extension and a re-test of our sell entry could present a good opportunity for a short.
Hey everyone, here's the analysis on Wilmar, if you found this insightful, please like and leave a comment on ideas you would like to see next!
Summary:
As illustrated by the yellow dotted lines, I am expecting a drop in current price to zone 2 at the 3.22 area highlighted in green, before moving higher to our resistance zone between 3.73 - 3.81.
Action:
Buy...
