Wilmar (technical)

Wilmar: making a new multiyear low today at $3.48. The stock is down 43% from the 52-wk high of $6.05. While the technical indicators have spent an extended time at oversold levels, they do not appear to be hooking up just yet. Nevertheless, the charts continue to paint a negative view for now. While we do not rule out possibility of a bounce from the key support level near $3.40, prefer to stay on the sidelines for now, and watch for a break of the support ($3.40), or resistance (20day MA, now at $3.66) before considering next steps.