Holding firm Ayala Corporation (stock symbol: AC) continued to decline since my post back in December. The stock had reached a five-month low of 508 on January 10 before price moved sideways.
Price action this week has been unimpressive as the stock stayed close to 520 for five straight days. Meanwhile, the Moving Average Convergence Divergence (MACD) is on neutral ground right now, and it could go either way.
A break of 560, then 600, would be in favor of bulls. On the downside, they should prevent a break of 500. Buyers should remain cautious as this stock could print a new low in the coming days or weeks.