Wilmar has gained >5% since I posted about it finding support around 3.16. Its hitting the top end of its daily RSI resistance, so I’ve sold all my Wilmar longs for an average 5% gain within 3 weeks at 3.33. Will consider to enter again when the charts show buy setups.
Wilmar’s long term chart seems to have found some support between its 23.6% & 38.2% fib extension. Assuming the solar maximum is next year as predicted, soft commodities like soybean & wheat should peak around then as well, which is margin positive for integrated crushers like Wilmar in an anemic global economy. Others such as ADM & Bunge should benefit from the upcoming soft commodity bear market as well.
Further reading: Aurora Borealis & global surface temperature study, Sun headed into hibernation. Ani-thesis: Global warming myths. Regardless of how food prices are moved, let the charts do the talking.
Mid term resistance/support is 3.50/3.00.