On Tuesday, Wilmar tested its support at $5.75 and closed at $5.77 with high volume of 7.93 million shares traded.
A long black candle stick with short upper/lower shadow demonstrated the heavy selling pressure from the bears.
Both RSI & MACD began to turn bearish as RSI perform a very sharp down tick.
Important Resistance of Wilmar: $6.02
Immediate Support of Wilmar: $5.75
The failure to break the major resistance at $6.02 for recent trading days has prompt the investors to start selling Wilmar.
Although Wilmar is currently supported at technical/20 days MA but we do not encourage buying due to the recent market sentiments.
Instead we would advise taking profit if vested once the support at $5.75 broken.
On Tuesday, SMRT has faced high selling pressure and closed at $2.22 with high volume of 1.63 million shares traded.
A black candle sticks with long upper shadow shows that prices fails to rally further and investors choose to take profit instead.
Both RSI & MACD are neutral though both indicators are pointing towards bearish.
Important Resistance of SMRT: $2.29
Immediate Support of SMRT: $2.22
SMRT has tested the all time high resistance at $2.29 for the second time on 22/Jun but failed to breakout. This is a very bearish sign in which “double top” may formed.
Do not encourage to buy now unless breakout at $2.29 or wait to see if we can get at $2.16 for better trend line/20/50days MA support
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