Wilmar, the big cap (at least by Singapore's standard) agriculture/soft commodity counter on SGX. This is the only option you have on SGX unless you want exposure to the more manipulated or less diversified businesses like IndoAgri, Bumitama Agri, Golden Agri, etc...
Yet, compared to its US counterparts like Archer Daniel Midland or Bunge Limited, Wilmar is severely underperforming.
4.00 has been a long-term support since Oct 2020 which act as a launchpad for a rally to 5.64
Wilmar rallies from 4.00 again in Dec 2121, but this time, it only reaches 4.89. This is a hit of a lower high.
Since June, the price is now consolidating again at 4.00. Its earning euphoria rally on 05 Aug 2022 was stopped dead in its track. This is not surprising as selling has been seen at 4.20-4.30 as early as May.
This resistance at 4.20-4.30 may be hard to break. Between this resistance and the support at 4.00, this is an extremely narrow range to play. Price may get stuck within this area until the sell side or buy side takes over. 4.00 is the crucial support level if you are looking to buy.
If the price breaks down below 4.00, bulls should be careful.
If you want to play soft commodities, US have better options and they perform better
Yet, compared to its US counterparts like Archer Daniel Midland or Bunge Limited, Wilmar is severely underperforming.
4.00 has been a long-term support since Oct 2020 which act as a launchpad for a rally to 5.64
Wilmar rallies from 4.00 again in Dec 2121, but this time, it only reaches 4.89. This is a hit of a lower high.
Since June, the price is now consolidating again at 4.00. Its earning euphoria rally on 05 Aug 2022 was stopped dead in its track. This is not surprising as selling has been seen at 4.20-4.30 as early as May.
This resistance at 4.20-4.30 may be hard to break. Between this resistance and the support at 4.00, this is an extremely narrow range to play. Price may get stuck within this area until the sell side or buy side takes over. 4.00 is the crucial support level if you are looking to buy.
If the price breaks down below 4.00, bulls should be careful.
If you want to play soft commodities, US have better options and they perform better