ALDAR Technical OverviewPosted on Sunday, June 4 2017 at 5:07 am GMT+0000
Long term neutral overview is obliging traders to wait for clear Bullish developments before preparing to materialize new positions. After the recent break above 2.25 that shifted the medium term picture into Bullish, the formation of a daily top at 2.31 has initiated a corrective wave. Hence with that correction approaching from initial levels, support confirmation signals are needed before targeting a reposition of previous longs. Such scenario would be confirmed by a direct intraday rally above 2.26, which would restore the short term Bullish picture, and raise confidence in an extended move targeting at least the 2.30 level. At the other side a further break below 2.21 would cancel all the Bullish scenarios and accelerate the declines.