Bullish Set-up Seen On Ayala Corporation (AC)

A lot of issues have made some great moves yesterday. Don’t fret, though, if you missed yesterday’s ride since the one of Ayala Corporation or AC in the Philippine Stock Exchange will be coming to town soon.

As you can see from the chart above, AC looks to be very much positioned for a journey up north. AC has been on an uptrend since the start of March before it temporarily peaked at PHP 400.00 on April 4. After reaching the said high, it then consolidated into a small descending channel. At present, AC is trading right at the uptrend support. What’s nice about AC’s set-up is that its price action for the last couple of weeks (descending channel) looks to be a part of a bullish flag formation. If this is so and I think it is then AC could aim for its previous high at PHP 424.00 or even more once a breakout happens.