Sunday, May 30, 2010

Philippine Stocks: AC (Ayala Corporation) – May 30, 2010

Last time I talked about Ayala Corporation or AC as listed in the Philippine Stock Exchange, it was in the early stages of forming its trading range. Presently, it still in the trading within the said range although it looks like it is aiming to reach the rectangle’s resistance 357.5. However, the 122-point dip in the US market last trading session could likewise place some selling pressure on the stock. Still, if the price breaks above the current resistance, we could see the number head to the next resistance at 422.5. On the other hand, if the market doesn’t do well and the AC declines, the price could reach the 307.5 support or even at the psychological 300.00 price which is where the uptrend line that I drew passes.

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