Good morning guys! Here’s an update on my post about the Ayala Corporation breakout. Like what I mentioned last September 3 (kindly check this link), after the Ayala stocks (AC as listed in the Philippine Stock Exchange) shot up from the triangle formation, the next resistance they could encounter is the 400 peso psychological area and it was tapped. They just ran up unexpectedly. In my opinion, the stocks could consolidate for a bit first before trying to move past above the current resistance but if the bulls are really on the run, the 400-peso psychological marker could be taken out easily. If the 400 pesos gets cleared out, the next resistance that could be aimed for is 422.50 pesos. Then after that is 457.50 pesos. On the downside, the immediate support could be 382.50 pesos. If the AC stocks drop further below that price mark, the next support could be the 355.00-357.50 peso level. Then the next could be the 7-month uptrend.
I also mentioned last September 3 that the Philippine stock market will most likely be in the bullish territory the week ahead (this was last week) and it was. Most of the stocks that joined the band wagon were blue chips such as Megaworld, the Ayala-owned companies, the Aboitiz-owned companies and Banco de Oro and this propelled the Philippine Stock Exchange Index to reach new highs (kindly see the post here) during the last trading session.