EMAAR Technical OverviewPosted on Thursday, May 18 2017 at 4:39 am GMT+0000
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. The recent break above 7.48 has completed a short term Bullish reversal that might set the way for further advances, encouraging short term traders to accumulate new positions in the direction of 7.60 and 7.78. Although that move is regarded as positive for the share, any drop below the 7.25 will spark a retest of 7.10.