Tuesday, March 27, 2012

Wilmar: A nascent rebound.


A double bottom has formed on Wilmar's daily chart. Volume lowered when price tested the bottom a second time at $4.86, suggesting a lack of interest in the counter by market participants.

However, a rising MACD which completed a bullish crossover with the signal line suggests improving momentum although it is still in negative territory. What we could have is a rebound, if not a reversal.