EMAAR Technical OverviewPosted on Wednesday, May 10 2017 at 4:38 am GMT+0000
Signs of support.
After reaching a strong supply area in the long term, Bearish pressure was initiated pushing the share within the middle of the medium term range that was in place since December 2016. However, long term traders shall wait to see whether the market is strong enough to start an attempt to cross the 7.80 level. Focus turns now to short term, where the formation of an intraday bottom has signaled towards possible scenarios, where a further break above 7.48 could set the way for a further rally and encourage for entry of new positions. While the 7.25 is outlined as the first defensive pivot.