Wilmar Intl (WMI.SG): Channel Play


Published On: 16 February 2024, 3:10 PM | Sean Ng, Dealer

Key Entry Price Pivot(s)
  • $3.23

    Recommended Trade
  • Long above $3.23, take profit at $3.33, stop loss at $3.18

    Alternative Case
  • Short below $3.18, take profit at $3.07, stop loss at $3.24

    Remarks
  • WMI.SG has been selling off since 2023, with minor retracements along the way
  • On 18 Jan 2024, WMI.SG was oversold (below 30) based on the Relative Strength Index (RSI)
  • On 9 Feb 2024, WMI.SG’s price fell, but RSI increased back into the 30 to 70 range, indicating bullish divergence
  • Traders can thus seek to take a long scalp trade if price follows through, or a short trade if the initial downtrend persists


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