Stock in Focus: Bloomberry Resorts (BLOOM)

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The stock of Bloomberry Resorts Corp. (stock symbol: BLOOM) tried to test the fortitude of bull guards at the 9.00 level twice, approximately 3 weeks after my last post.

Philippine Stock Exchange, Bloomberry Resorts_BLOOM Daily chart, June 18, 2014

BLOOM Daily chart, June 18, 2014

We know what happened next — bulls successfully defended this area, then launched a swift counterattack which resulted in a quick break of 11 which I’ve mentioned in the previous post. They lost momentum briefly beyond 12 and price has slowly zigzagged down since then.

Ideal support is at 9-10, while resistance lies at 12-13 then 16-17. Beyond 16-17 is the possibility of reaching fresh two-year highs. Breaking the narrow 8-13 range is an ideal scenario.

The Money Flow Index (MFI) would continue its reversal if price will close above the 11 level.

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