Ayala Corporation or AC as listed in the Philippine Stock Exchange broke out last March 30, 2010 from what looks to be a reverse head and shoulders formation (indicated by the 3 arcs: the middle arc is the head and the arcs beside it are the shoulders). However, it hasn’t fully climbed up as the resistance at 355 (greed dotted line) prevents it from doing so nor could it have really been a reverse head and shoulders formation. Now, we can see the Ayala Corporation stocks moving sideways in a 5-week trading range (indicated by the yellow lines) with the resistance at 357.5 and the support at 307.5. Once the trading range is broken then we might see the stock price move to another level.
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