At a disclosure to the PSE today, BLOOM went into a deal to buy 12.2 hectares in Muui Island in South Korea. This move would set them up to probably develop another Casino in that area as South Korea is hyping that place up to be a gaming and entertainment zone. While investors have reacted positively with this news let’s see what the chart is telling us.
BLOOM has escaped from a downtrend that started last November 2014. Though the stock is still not out of the woods, it is now trying to form an uptrend of its own.
What needs to be broken for it to go higher?
It needs to convincinly break 13.15 with volume. If that happens, the stock could very much go to as high as 14.25. If the stock goes above 14.25 it now has a chance to go back to 15.6. Let’s see how strong the positive sentiment of this land purchase in South Korea will create for the company.
What if it fails to convincly break 13.15?
The stock could drop to either 12 or to as low as 11.5 over the short term.
Bottom line, looking at the chart BLOOM is at a much better position now than where it has been in the past few weeks. I hope this chart helps you further in your trades as you go forward and to reach your goals of financial freedom. It’s time that we see more profitable Filipinos in the stock market!
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