EMAAR Technical OverviewPosted on Monday, August 7 2017 at 4:40 am GMT+0000
Initial targets reached.
After reaching a strong demand area on the weekly timeframe, Bullish pressure was initiated pushing the share beyond the upper level of the long term range that was in place since December 2016. Now that initial weekly targets reached at 8.15, allowing long term traders to take partial exit and trail positions to the 7.80 level. Also first targets for medium traders who decided to join the strong rally had been reached. Therefore hey are advised to move their Stop orders to the daily swing level at 8.10 while patiently hold their remaining longs towards 8.65. Short term traders shall treat the recent decline as a corrective wave and focus on a decisive rise above 8.53 to try and reinstate some new positions.