Ayala Land, Inc. or ALI in the Philippine Stock Exchange, much like the great Muhammad Ali when he fought Joe Frazier in Manila, made some headway when it willed itself back in the game during the last few trading days.
On my feature on ALI last March 9, 2011, I noted that there’s a possibility that it could soon change its misfortune as it had been forming a small inverted head and shoulders pattern (please see my previous post here). True enough, a breakout happened the following day. In fact, in one swift move, ALI broke out from both the descending channel and the inverted head and shoulders pattern. However, ALI face some selling pressure around the PHP 16.00 price level. Once it closes above this resistance, its next target would be at PHP 17.00. In the next few days, it could trade sideways for a while before it could swing north.