EMAAR Technical OverviewPosted on Sunday, August 20 2017 at 5:10 am GMT+0000
Signs of support.
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. Now that initial weekly targets reached at 8.15, allowing long term traders to take partial exit and trail positions to the 7.80 level. While in the medium term, signs of fatigue in the decline were materialized after the share encountered support above 8.10, and an immediate move above 8.46 could suggest more room for further upside moves beyond previous highs. However any drop below 8.22 would place the current uptrend under threat.