BLOOM price action update

Bloomberry Resorts Corporation

BLOOM is back within its 8-month Upward Price Channel consolidation and on a potential breakdown from a Double Top pattern (still requires confirmation). If this breakdown continues to unfold, measured target price is around 8.50.

*Recent pullback which followed after forming a Double Top pattern was also forewarned by a Bearish Divergence pattern on some indicators like CCI.

See previous analysis for reference:
https://psetrends.blogspot.com/2017/04/bloom-price-action-analysis.html

Trading Plan
- Avoid for now.

BLOOM price action analysis

Bloomberry Resorts Corporation

BLOOM is trading in an Upward Price Channel and currently on the third retest of the uptrend resistance line.

It's also potentially forming a Bearish AB=CD harmonic pattern with PRZ or Potential Reversal Zone at 9.71 (9.58~9.71).

See previous BLOOM analysis for reference:
https://psetrends.blogspot.com/search/label/BLOOM

Trading Plan
- Take some profit or scale down position and profit run the rest with trailing-stop.
- Or wait for a reversal pattern and confirmation before taking action.

BLOOM at potential profit taking area

Bloomberry Resorts Corporation

BLOOM has completed the Bearish AB=CD harmonic pattern after fully testing the PRZ (Potential Reversal Zone) around 8.30 (took a while via upward price channel consolidation). This is also a potential profit taking area for a short term position when trading the harmonic pattern.

See previous BLOOM analysis:
https://psetrends.blogspot.com/2016/09/bloom-forming-potential-bullish.html

Trading Plan
- Sell or take profit around the PRZ.

BLOOM: Forming a potential bullish harmonic pattern

Bloomberry Resorts Corporation

BLOOM is potentially forming a Bullish Bat harmonic pattern. The recent breakdown from 5.5 support also gives it a higher probability of completing the bullish pattern. The Potential Reversal Zone (PRZ) is around 4.35 (4.32~4.6 range) which is near the major support at 4.00.

So far, the 8-month uptrend support line remains intact which may also act as bounce point in the short term. However, a breakdown from this trendline will also further support the completion of the Bullish Bat harmonic pattern.

Trading Plan
- Wait for the Bullish Bat harmonic pattern completion and only take position on a sign of a reversal (candlestick reversal patterns) or bottoming out pattern around the PRZ area. Stop-loss should be a few points below 4.32 or on breakdown from major support.

BLOOM: At make or break point

Bloomberry Resorts Corporation

BLOOM failed to break so far its 9-month downtrend resistance line and recently on a breakdown from a Rising Wedge pattern, a bearish trend continuation pattern with measured target around 2.40~2.80 area.

Trading Plan
- Avoid for now unless there's a breakout from its downtrend price channel that is supported by huge volume.
- Potential reentry in case there's no breakout would be to wait on another correction or pullback near the downtrend support line.