The ascending trendline seen last time in property firm Ayala Land (stock symbol: ALI) did break and this led to a marginal decline to the 25s.
The stock formed a base around 26 before price made a steep advance. Today, ALI lifted off close to the 30 psychological level but eventually closed the day in the negative territory. If the decline continues, we could see the gap get filled in no time.
The Commodity Channel Index (CCI) is well above the zero level, and therefore it indicates that bulls are still in control.
The ascending trendline in the chart above points to a potential support around 26. A support that would form around 25-27 would be favorable for the bulls. They need to break 30 in the coming days or weeks.
Do you have ALI in your portfolio? Share your comments below!