Wednesday, June 26, 2013

***** Breaking out of consolidation phase possible: Blumont. Share price 1.175

Blumont has been consolidating for about 3 weeks from the 1.07 to 1.13 range. Finally broken out the 1.13 resistance today on higher than average volume. Testing 1.18 currently. Psychological resistance to watch will be the 1.20. If this level clears out, can be the start of new upward momentum to target about 1.30. Those looking for this break out of 1.20 can consider locking in some positions from 1.13 to 1.20 level. Note that it has been hovering above the 20 DA MA (Green line) consistently even during days when markets were sold off hugely which shows that short term uptrend still intact. Like to push up further on strong volume breakout of 1.20 critical psychological resistance level.
Stop loss at 1.09. 

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