EMAAR Technical OverviewPosted on Thursday, March 2 2017 at 5:52 am GMT+0000
Short term rally above 2.63.
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. Such breakout could at the same time, confirm the restoration of the previously dominant medium term Bullish bias. While short term traders will be monitoring for a direct move above the 7.63 and target a rally within the medium term range.