Today, January 28, 2014, Wilmar fell further to close at S$3.11 with a volume of about 9 million shares.
Clearly, the Consolidation Zone that I had identified earlier (at around S$3.20) could not prevent Wilmar from falling further.
The last line of defense is S$3.02, the "most recent low" done on August 22, 2013.
I strongly believe that 4Q2013 results will be great and that should create an excitement for Wilmar and push its share price higher.
I must admit that I cannot understand why Wilmar had fallen so much except to say that the 50-day moving average (in blue) has cut below the 100-day moving average (in grey) and that 200-day moving average (in red) is now at the top...a bearish technical picture.
I can't emphasize enough the importance of Good Money Management. I am now underwater but, as I did not borrow money to buy shares, I will just hold on to it and collect dividends.
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