EMAAR Technical Overview

EMAAR Technical Overview

Testing initial pivot levels.

After reaching a strong demand area on the weekly timeframe, Bullish pressure was initiated pushing the share beyond the upper level of the long term range that was in place since December 2016. That move above 7.80 has changed both the long and medium term pictures from neutral to Bullish allowing for the activation of new longs, with trend indicators displaying strong positive signs further backing the new outlook. And now since the initial medium term target traders should trail their remaining longs to the 7.80 level waiting the market to reach towards its second target, while previous confirmed bottom at 6.95 is still representing the first line of defense in the long term.