ALDAR Technical OverviewPosted on Tuesday, March 6 2018 at 5:42 am GMT+0000
Probable short term reversal.
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. And although the share is still vulnerable for now, Bearish pressure had been paused, and a move above 2.20 will confirm a short term Bullish reversal raising hope for a rally towards 2.24 and 2.31. Any drop back below 2.13 will cancel that probable Bullish scenario and bring a resumption of the prevailing downtrend.