EMAAR Technical OverviewPosted on Thursday, July 13 2017 at 4:52 am GMT+0000
Testing intraday resistance.
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 the both the long and medium term pictures from neutral to Bullish. And with the market retracing lower medium term traders should take advantage of this correction in order to reposition. The 7.70 zone is currently appearing to be supportive, but entries should be activated only after clear reversal signs. Such signs can be provided by a decisive rise above 5.90.