BLOOM Technical Analysis: Probable to Stay in the Downtrend Channel?

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BLOOM Technical Analysis: Probable to Stay in the Downtrend Channel?

Bloomberry Resorts Corporation (BLOOM) is trading at 10.78 per share, down by 2.18 percent, as of 3:11PM on October 8, 2019, Tuesday.

The total turnover value is at P410 million. Foreign investors are not actively trading BLOOM today. They only registered a Net Foreign Buying worth P35,836.00 as of the time of writing this analysis. They also have a topsy-turvy stance in trading BLOOM year-to-date.

Bloomberry Resorts Corporation (BLOOM) - Daily Chart 1 - 10.8.2019

The support is near 9.80 while the resistance is near 11.50. BLOOM is still trading inside the downtrend channel.

My 10SMACD combo is already bearish on BLOOM. My Momentum Power Indicator is also bearish. This means that the descent of the price is still probable.

BLOOM’s risk level remains low with its historical volatility score of 52 percent.

Looking at its DMI chart, BLOOM is poised to stay in a sideways pattern while staying inside the downtrend channel.

Trade-Volume Distribution

Last Price: 10.78
VWAP: 10.98111319
Most Traded: 11.02 – 11
Most Voluminous: 10.98 – 10.98

Bloomberry Resorts Corporation (BLOOM) - Trade Volume Distribution 1 - 10.8.2019

Even if the dominant range is closer to the intraday high than the intraday low, the other elements of my Momentum Power Indicator are still bearish. Therefore, the overall rating of my Momentum Power Indicator remains bearish. The bears are still on the lead.

True Market Sentiment

True Market Sentiment of BLOOM as of Oct-08-2019 at 03:10PM, with a last price of 10.7800.
5 of the top 10 brokers registered a positive Net Amount
3 of the top 10 brokers registered a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 10.9918
Top 10 Players’ Selling Average: 11.0024
Bonus Info:
11 out of 22 participants or 50.00% of all participants registered a 100% BUYING activity
5 out of 22 participants or 22.73% of all participants registered a 100% SELLING activity

Bloomberry Resorts Corporation (BLOOM) - True Market Sentiment 1 - 10.8.2019

This bearish True Market Sentiment signifies the lack of interest of the majority of the top 10 brokers to buy the dips. The price is not yet too cheap to ignore for most of them. If you’re not as deep-pocketed as these top 10 brokers, don’t contradict their overall sentiment.

Recommendations

If your trailing stop on BLOOM has not been hit yet, it’s either you hold your position or reduce your percentage of risk in your trailing stop. Recalculate your trailing stop using our Trailing Stop Calculator. The signs of a strengthening downward momentum are present already.

If you don’t have BLOOM, it’s best for you to wait for the 10SMACD combo and the Momentum Power Indicator to become bullish. Once it happens, calculate your reward-to-risk ratio with our Reward-to-Risk Ratio Calculator before you check the dominant range where you need to position for a test-buy.

All Equilyst Analytics subscribers may request for our latest analysis on this stock or any stock in our Private Clients Forum. Watch out for tonight’s video also. BLOOM will be 1 of the 10 stocks that I’ll discuss in my daily video for all short-term traders.

Jaycee De Guzman

Jaycee Silverio de Guzman is a computer scientist by profession. He is the founder and CEO of iPresence Digital Marketing, Inc. and Equilyst Analytics, Inc. He is a husband and a father.
Jaycee De Guzman

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