Bloomberry Resorts Corporation (BLOOM) has been moving in an uptrend channel since it hit 3.00 per share and below in 2016. Traders and investors have been hoping for BLOOM to break out above the resistance near 14.90.
The bullish momentum was not sustained probably because its volume failed to cope up with the upward direction of the price. For me, it means traders are still looking for a catalyst that will convince them that it’s worth buying BLOOM above 14.90.
BLOOM is now drawing closer to the support near 12.88. Your next support is at 10.74 if BLOOM won’t hold above 12.88.
Stochastic shows that BLOOM is already oversold in its current price. If the traders feel that BLOOM is technically cheap at its current price, it’s either BLOOM will take its current position or a spot closer to 12.88 as a reversal zone.
That’s why I strongly suggest that you request for our latest insights, using our Price-Volume Distribution and Top 10 Players charts, through our Private Clients Forum so you will know the latest sentiment of the trading participants on your stock. If you are an active trader, request these charts either after the trading hours so you can prepare or adjust your trade setup for the next trading day or during recess so you can adjust your trade setup for the trading in the afternoon.
As of April 6, 2018, at 03:30PM, the volume is 46.37% of the previous trading day.
Remember these 4 equations below.
- bullish price + high volume = high sustainability (current price trend)
- bullish price + low volume = low sustainability (current price trend)
- bearish price + high volume = high sustainability (current price trend)
- bearish price + low volume = low sustainability (current price trend)
The Price-Volume Distribution chart of BLOOM suggests that 13.50 may act as the intraday support or resistance by the next trading day. FYI, there’s no trading on Monday due to the holiday (Day of Valor).
On a 30-day trading period, BLOOM is on a Net Foreign Buying worth PHP1,170,909,954.00. Today’s Net Foreign Selling is significantly reduced compared to yesterday’s NFS. Consider this to be a clue that foreign investors may have started to get over their bearish sentiment towards BLOOM. Whether I’m right or wrong with that data-driven speculation, you should learn how to bend your trade setup when the market moves in the other direction.
Participants with a 100% Buying and Selling Activity as of Apr-06-2018 at 03:30PM:
- 13 out of 51 participants or 25.49% of all participants registered a 100% BUYING activity
- 7 out of 51 participants or 13.73% of all participants registered a 100% SELLING activity
- Top 10 Players’ Buying Average: 13.2739
- Top 10 Players’ Selling Average: 13.2774
The Top 10 Players chart of BLOOM gives me a more conservative candidate for a support for the next trading day. It suggests monitoring of the price near 13.28.
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BLOOM has a moderate risk level based on our Risk Level calculator.
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If you have a bullish overall sentiment based on the information I’ve shared with you, I suggest you do a test-buy. Do not go all-in.
If you’re bearish, wait some more till BLOOM gets closer to 12.88 or below that mark.
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