October 14, 2021

Wilmar Ltd (SGX: F34) corrective downside is coming to an end after recent technical indicates further upside:   

  1. The downside trend was halted after the inverted head and shoulder formation broke above the resistance slope of the intermediate downtrend line and the neckline resistance at $4.20-$4.33.
  2. The consolidative candles remain supported above the neckline resistance turned support with the morning star formation above the support.
  3. Ichimoku indicator shows 2 out of 3 bullish indicators after the morning star closes above the Tenkan and Kijus-Sen bullish crossover. Despite Senkou-Span A flat out recently, the candle on Wednesday briefly breaks above the Kumo.

*Expected timeline of the trade is 5 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Blackline = 26 periods Chikou Span. Lagging line