EMAAR Technical OverviewPosted on Wednesday, July 19 2017 at 4:42 am GMT+0000
Ease in the upside speed.
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 after a brief correction, the share found support at 7.70, and the recent move above 7.90 intraday pivot has restored the short term Bullish picture, and given early signs to the return of medium term Bullish momentum, signaling for a probable extended rally towards the 8.30 and 8.65. For short term traders long above 7.90 initial targets had been reached at 8.00 allowing for a partial profit taking and a trail of Stop order towards the entry level.