Wilmar International Ltd (SGX: F34) The downtrend threat is likely to be over after recent technicals indicate a potentiall bullish reversal to the upside:   

1. The formation of the cup and handle is indicative of a potential reversal.
2. The high-wave candle on Wednesday managed to close above the Tenkan-Sen. This indicates a higher probability of a bullish upside even though it signals a neutrality sign.
3. DM+ is seen ticking up from the mid-20 level, indicating that the bullish trend is returning.
4. The bullish kumo twist is seen, and once prices cross above the kumo, the “three bullish golden cross” will be confirmed.

*Expected timeline of the trade is 25 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line