Boulevard Holdings, Inc. (BHI) suffered a major decline on news that its supposed deal with Ayala Land, Inc. was shelved. News, though, that the company found another suitor in Rockwell Land and another news stating that ALI renewed its offer led a rally from Php0.077 low all the way to Php0.123. Remember that this level was the initial target that we noted last November 5 in our Equity Advisor when the stock formed a bullish engulfing. Expectedly, the stock then stalled upon hitting a resistance at the mentioned score. What’s positive here though is despite this selling (which happens at a resistance), BHI has still managed to stay afloat, suggesting that whatever is being sold is also being absorbed very well. This gives the stock a big potential to break its resistance at Php0.123. A break past that may then send it to a new target of Php0.160.
*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
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