Company: Ayala Land Inc.
Support: 33.000 / 32.50
After nearly a month of sideways trading, ALI broke down and went into oversold territories. At this point, it seems the bears are taking over. But since RSI is already less than 30, an upward correction is highly likely during the latter half of the week.
While it doesn’t look like the selling pressure is exhausted, it seems to be losing steam. Momentum is already flatlining. Later today, there may still be more downturn, but we expect the support to hold between 32.50 to 33.00. MACD histograms are also mid-convergence.
This means that there seems to be no prevailing trend that is strong enough to push ALI to significant highs or lows.
Buy when support holds.