In the April 23 issue of our Equity Advisor, we noted that Bloomberry Resorts Corporation (BLOOM) would likely head towards Php12.00 given its breakout from a cup and handle pattern. Indeed the stock reached and even exceeded the said objective within just 5 days, giving it so far a gain of 16.73%. Moving forward, a new breakout from what looks to be a bigger double bottom may send BLOOM towards Php15.60. Note that it may first encounter a major resistance at Php13.00. In any case, a slip below Php12.00 may nullify this potential and bring it down to at least Php11.00.
BLOOM write-up from the Trading Edge Equity Advisor:
April 23, 2014
Bloomberry Resorts Corporation (BLOOM) may extend its 2014 run following a successful breach over its resistance at Php10.00. As you can see from its chart, its move past Php10.00 also translates to a breakout from what looks to be a cup and handle pattern. Given this, the stock may then aim for its next hurdle at Php12.00 although it has to stay above Php10.00 for it to do so. A failure to at least hang onto the Php10.00 mark may easily bring it down to Php9.50…
Check our previous post on BLOOM here.
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