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.

Do you have BLOOM in your portfolio? Share your thoughts below!

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