Company: Ayala Corporation
Support: 733.10 / 725.50
Resistance: 770.60 / 784.20
AC has been comfortably trading between its 100-d and 260-d moving averages since late-Feb. Unlike the two previous names that bucked the market trend, AC notched a strong uptick in prices as it recovered from the strong one-day drop last Monday.
As a result, the RSI now has a steep upward bias. However, there is still some leftover bearishness from the DMIs and the MACD. The gap between the -DI and +DI continues to be wide, and the ADX is still increasing. The MACD histograms, on the other hand, are nearly flattish.
The decline in prices earlier this week broke the two-week-long range, but the stock may start trading sideways again should its new support level of 733.10 holds.
Buy when support holds.