Trading Strategy for Wilmar1. Trend Analysis
Trading range to breakout higher in channel
2. Indicator Analysis
Above 200 daily SMA now turned support ( Bullish )
Sell signal from MACD with support of negative momentum from stoch (bearish)
High volume coupled with previous gap down(bearish)
3. Candlestick Analysis
NA
4. Pattern Analysis
-> ABCD pattern could be present if uptrend channel breaks
-> Buyer Holds uptrend channel and continue further
Trading Plan
1. Trade against the flow with shortist
Wait for a weekly close below the uptrend channel for entry
SL: Prior high at 5 , double top formation
TP(1):4.11
TP(2): 3.38
Remark: You need to monitor and trail it closely.
2. Go with the flow ( ABCD pattern)
Long Entry @ 3.64 when reversal candle happens
S:: 2.82
TP:5.3
Enter a short position if reversal happens at 5.3
Please DYODD
