Avoided a 34% Slide in Bloomberry
In our Equity Advisor issue last December 10, 2015, we issued a warning regarding Bloomberry Resorts Corporation (BLOOM). There, we stated that the stock would see an accelerated decline following a slip below its supposed floor at the Php5.00 level. Note that at the time the stock was being ‘shopped’ by different investment firms as it had a healthy fundamental upside of roughly 45% to Php7.56 from its price of around Php5.00 then. As you can see, the price action, specifically its breakdown from a channel, was the one that still dictated its direction. Following its fall from the Php5.00 marker, the stock had indeed slipped all the way down to Php3.00.
BLOOM write-up from the Trading Edge Equity Advisor:
December 10, 2015
Bloomberry Resorts Corporation (BLOOM) may likely see an accelerated selling in the next couple of weeks. As you can see from its chart, the stock has broken down below another consolidation when it failed to rally against its supposed support at Php5.00. Given its slip from the said handle, BLOOM may head fast to a new downside target of Php3.00.
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