ALDAR Technical OverviewPosted on Tuesday, February 6 2018 at 5:49 am GMT+0000
Momentum returned Bearish.
Long and medium term traders continue to be neutral while trend characteristics remain Bearish. Only a medium term reversal above Daily top at 2.34 would postpone the decline and allow for medium term long positions. Bearish momentum has returned following the drop below 2.29 intraday support and is expected to continue towards a deeper correction in the medium term, as long as the market remains below 2.34. Although he last rally has shown signs of weakness in the downtrend, immediate medium term risk remains tilted to the downside, and an Immediate break below previous bottom at 2.16 would further accelerate Bearish pressure and cancel any potential long scenarios.