ALDAR Technical OverviewPosted on Wednesday, February 28 2018 at 5:51 am GMT+0000
Signs of resistance.
With the primary trending characteristic continuing to be Bearish, long and medium term traders should remain outside of the market. After a medium term consolidative phase found resistance below 2.34, prices returned lower breaking through the 2.19 previous daily support. The aggressive bearish rally caused a break through the 2.16 level representing the December 2017 Low, and a new 52- weeks low had been posted. Now, although the share is experiencing some king of a short term correction, a new leg lower continues to be strongly expected, unless an immediate move above 2.20 postpones the decline and indicates the initiation of a new Bullish phase in the short run.