Wilmar continue to trend up higher today and the stock just shot through the roof with a breakout near the supply zone. I traded this counter some months back near the wall level as highlighted with a horizontal line and thought that the stock would pierce through but it started to tank down where I took some small profits first and ran. The next few weeks, the stock tanked down even lower to 3.16 where many retailers cut loss first and the stock started to built some momentum there for the next up wave.
http://stockmarketmindgames.blogspot.com/2019/02/wilmar-intl-900-profits.html
The wall as drawn and highlighted was the key turning point. So Wilmar trended back up again after the zig zagging for many weeks and tested the wall level again. It was there that the stock gained more momentum to breakout and started to appear in the Top Volume which I observed everyday. Finally, after testing the wall the 2nd time, the stock finally broke out of the least resistance. It moved higher everyday and continued to attract more buyers into their good news. The accumulation is validated and the stock flies. Today, it even flashed in the Top Volume with high rising price which is might be a bad sign for short term profit taking. I can continue to share how the stock is going to move but I would rather do it in person on April 23rd during my talk.
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Update: 11/4/2019, 12.29pm
Wilmar indeed suffered profit taking as highlighted earlier on my morning analysis after appearing in the Top Volume. How more accurate can it be?
Ronald K - Market Psychologist - A Stock Market Opportunist
