Round 2 for A Brown (BRN)
In our Equity Advisor issue last May 1, we noted that it would be the perfect time to get back into A Brown Company, Inc. (BRN) as it was finding a floor at its prior resistance at Php1.05 at that time. Since then, the stock has risen from Php1.05 to Php1.40. Moving forward, a new break from an interim bullish reversal following its rise over Php1.30 may lead it to extend its present uptrend and guide it to reach its April high of around Php1.56 to Php1.65 again.
BRN write-up from the Trading Edge Equity Advisor:
May 1, 2016
In our Equity Advisor issue last April 3, we noted that A Brown Company, Inc. (BRN) would spring higher and aim for Php1.50 following its breakout from a double bottom formation. As you can see, the stock had indeed achieved the said goal and more. Since then, however, the stock has retraced towards its prior neckline at the Php1.00 to Php1.05 area. Note that a support nearby plus a confluence of 3 bullish candles (hammer, southern doji, and bullish engulfing) and a presence of a hidden bullish divergence between its price and RSI (positive reversal) all suggest that the stock will likely revisit the Php1.50 to Php1.60 zone.
BRN write-up from the Trading Edge Equity Advisor:
April 3, 2016
A Brown Company, Inc. (BRN) may have placed itself at the early stages of a new uptrend. This is so due to the fact that it has recently pivoted off a bullish reversal in the form of a positively tilted double bottom. Any pull back in the stock should therefore be taken as a window to get in as it may eventually aim for at least Php1.50.
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