EMAAR Technical OverviewPosted on Monday, February 20 2017 at 5:27 am GMT+0000
Medium term positive outlook.
Although the long term outlook remains Bullish, the recent weekly top formation right below the key level at 8.00 has weakened the current structure. Therefore, traders of the long term shall monitor for signs of support above the 7.00 level, where only an immediate break above the 7.80 will allow for renewed long positions. With the long term showing signs of weakness, focus turns towards the medium term scenarios, where the recent breakout above the 2.64 confirmed the strength of the prevailing uptrend. The daily bottom at 7.20 is acting as prospective stop for medium term positions.