Wilmar - Blast from the past

Sharing on Wilmar and how the professional took advantage of the hype 2 months ago.

While everything is on hindsight now, as a VSA practioners, I will describe myself more as a "on the go" type of trader. Meaning, I will react accordingly to what the chart shows me @ the end of the day.

Did a sharing with one of my client on the outlook of CPO/wilmar.




While this bar looks very normal in the daily chart, I have highlighted that its hourly chart actually had revealed on the direction of  wilmar. Ultrahigh volume bar = profit taking from BB (confirmed on the next few bars)


Not expecting CPO prices to rebound any time soon. 3.30 is only a magnet level where Wilmar should be going by in a short while. Then, we should see its prices/spread/volumes again.


Comments

Post a Comment

Popular posts from this blog

USD / Gold / Alibaba / FX Options

Image
Gold 1) We witnessed the break of the $1,200/oz psychological support for Gold last week as price action accelerated on the downwards momentum after the psychological break. 2)Gold looks poise to record yet another monthly loss, matching the milestone in 1996 when the yellow precious slumped for a record of 5 consecutive months as well, though degree of drop was different. 3)Gold investors has been struggling tremendously on the back of the rallying USD as status of safe haven currency/asset is being questioned during this period of heighten tension of geopolitical risk. 4) Non-commercial COT positioning also hit extreme bearishness, going into negative territory for the first time in  17 years  [ see chart below] (Bloomberg) China Tech/ Alibaba 1)Last week we saw some of the China tech names exhibiting some form of rebound after dismal earnings from Tencent in mid-last week dragged Chitech space even lower initially. Stocks like Baidu and Alibaba traded ...
Read more