ALDAR Technical OverviewPosted on Tuesday, January 30 2018 at 5:00 am GMT+0000
Momentum on the rise.
Given the above trending characteristics, long and medium term traders should remain outside of the market and aim to instate new positions only after clear Bullish reversal signs. Although trend characteristics in the medium term has lost strength following the recent correction, bias is still somehow tilted to the downside, a return of Bearish momentum is expected before the strength of the last reaction can be confirmed. However in the short term, the recent hike towards 2.34 is pointing to a continuation of the previous uptrend. Once this break materialize, Short term market players will be offered an opportunity to reposition where they can target the 2.37 and 2.42 areas. At the current time, any drop below 2.29 will cancel any potential Bullish scenario and place an emphasis for a further dip.