ALDAR Technical OverviewPosted on Sunday, September 4 2016 at 4:40 am GMT+0000
Long term bullish momentum.
The break above previous top at 2.85 changed the long term outlook and confirmed the strength of a further uptrend, offering traders new investment opportunities with the support at 2.50 acting as first line of defense for the new uptrend. With the weakness appearing in the medium term outlook, traders shall be waiting for stronger trend developments before making new market entry decisions. Short term traders, forced to exit their long positions at 2.80 will monitor for stronger signs of support before reinstating long positions. An immediate break above 2.80 will provide them with such opportunity suggesting further upward moves towards the 2.84 and 2.91.