EMAAR Technical OverviewPosted on Thursday, December 15 2016 at 5:50 am GMT+0000
Larger Bullish developments.
EMAAR rallied for the third consecutive week to continue for a break above the 7.46 shifting the entire long term picture into positive, which could prompt extensions towards the 8.10 level, and a break above that could target the 9.20 area. The recent medium term break above the key level at 7.00 was the move that completed a double bottom formation, raising confidence for an extended move targeting the psychological level at 8.00. And then with medium term traders having their initial targets completed, they shall shift their Stop orders higher to the entry level, as a break below that level could implicate extended declines. In the short term a break above the 7.80 will signal the resumption of the prevailing uptrend.