May18-20, TA for Wilmar

May 18-20, TA for Wilmar

Trend - Down Trend (confirmation by 200D MA, MACD -ve range)
Momentum - Overbought - 9D signal above 80%.
Resistance - 5.49
Support - 5.00
Volume - 1.2-2x above 20D MA
Candlesticks - 3 white soldiers.

Wilmar has been in a prolong period of down trending and from Trend indicators - it is still a Down Trend. However, last 3 days, this stock has strong volume and price movement. Now, it is hitting its classical resistance 5.50. This is the 4th times, it is testing it. Personally, this is a psychological level to be broken. Unless it is coupled with high volume (at least >1.3x), to break this line is seem too challenging.
So far, only 2 research houses indicate a BUY range at 6.12 and 4 indicate a HOLD.