EMAAR Technical OverviewPosted on Wednesday, January 25 2017 at 5:48 am GMT+0000
Signs of resistance.
EMAAR rallied breaking above the previous weekly top at 7.46 shifting the entire long term picture into positive, which could prompt extensions towards the 8.10 level, and a break above that could target the 9.20 area. The recent break below 7.62 is warning for extended corrective moves, unless a clear break above the 7.68 daily top restores the medium term Bullish picture. Such breakout could also confirm forthcoming higher high on the hourly charts, as it would represent the break above the upper boundary of the near-term prevailing range.