ALDAR Technical OverviewPosted on Monday, October 10 2016 at 4:26 am GMT+0000
Monitoring a break above 2.65.
The recent break below 2.70, 61.80% retracement level signaled weakness in the prevailing bias, suggesting extended bearish implications, pushing long term traders to monitor for any signs of reversal that would signal towards longer term growth in the market, such confirmation will be provided by the completion of daily reversal form. Both medium and short term traders shall stay neutral for the meantime, where signs of a clear shift in momentum are needed before any market entry can materialize. At the moment an immediate break above 2.65 will confirm the strength of the support being formed at 2.56 and act as a trigger to short term trader. Hence a break below 2.56 would target further declines.