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Commodities STI

Wilmar (F34) : Ichimoku Bearish Cross

A bearish cross has been sighted on Wilmar, one of the best performing stock on the SGX.

On the Daily Chart, we can see Tenkan sen cutting Kijun sen around Sept 30.

The price dips into the kumo and rebounded till 6.47 (ending the day with a doji…bears and bulls fighting …so who’s winning??)

From this level till the high of 7.02, it will be critical test for Wilmar. Failing to go higher, and we can safely say that a lower high is formed and the trend has started to change.

If it hits 7.02 and reverse, then a double top may have formed (another bearish sign).

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