ALDAR Technical OverviewPosted on Monday, November 28 2016 at 5:30 am GMT+0000
Probable further rally.
The recent decline below 2.50 weekly support introduced weakness to the long term bias, confirming extended Bearish developments, therefore long term traders shall stay aside monitoring for any signs of reversal that would signal towards longer term growth in the market. The long term developments confirmed the resumption of the medium term downtrend suggesting further declines on the daily charts. Hence a corrective phase was initiated from the 2.40 bottom, short term traders might take advantage from any probable extended medium term pullback, and as such scenario might be confirmed by a direct above 2.56 which will signal for further short term advances.