BDO may meet some headwinds

Weekly: This week we have a good rally from BDO which gives us 5.4% to close the week. The price movement shows a large green candlestick beside the previous large red one. This formation is in preparation for a 3-candlestick bullish reversal pattern called the Bullish Squeeze Alert, but until that pattern is not there, we still have some doubts whether BDO will continue to rise or not.

Based on Ichimoku system, BDO’s weekly chart is still in a downward trend.

Daily: Daily chart is showing us that price is within the Kumo or cloud and may have meet a headwind especially that price is near the 61.8% Fibonacci Retracement level. The 2-day consecutive rally of BDO made it possible to cross the Kijun Sen line from below. It is a bullish signal but considered neutral because it happened inside the cloud. Nonetheless this should enable us to put this stock in our watchlist.


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