Stock in Focus: Ayala Corp. (AC)

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Buyers of holding firm Ayala Corporation (stock symbol: AC) emerged victorious since my March 19 post as they have been able to break resistance areas I mentioned that time (600 and 630-650).

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Philippine Stock Exchange, Ayala Corporation_AC Daily chart, July 9, 2014

AC Daily chart, July 9, 2014

Not only that, they have attempted to reach the all-time high of 688 (printed on May 22, 2013) but they fell short of doing so. near-term line in the sand is at 650. Bullish momentum is intact above 600-620.

Nevertheless, the July 7 high at 682 was a clear indication that bulls have the intention to push Ayala Corporation higher.

Now that price has eased, bears have an opportunity to dash those bullish hopes. Will they do it? The near-term line in the sand is at 650. Bullish momentum is intact above 600-620. Of course, near-term target is 700.

Do you have AC in your portfolio? Share your thoughts below!

1 Comment

  1. I will be adding more in AC close to 650.

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