Stock in Focus: Ayala Land (ALI)

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In my first post for property firm Ayala Land (stock symbol: ALI), I expected a bit of volatility around the 23 support area and apparently this did not happen.

ALI Daily chart, January 28, 2014

ALI Daily chart, January 28, 2014

What happened was much milder than I expected – the 23 support held (3.5-month low at December 13’s 23.70) and price quietly advanced, reaching a 27.65 high before easing.

Based on today’s price action, further selling would break the upsloping trendline, and price could challenge 25 or perhaps it would like to revisit the 23 area again.

The Detrended Price Oscillator (DPO) has broken through the zero level, in line with today’s decline.

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