EMAAR Technical Overview

EMAAR Technical Overview

Testing initial support levels.

Bullish pressure escalated as the share exited from its consolidative mode and went higher. The break above 7.80 paved the way for further gains in the direction of 8.15 which was reached and 9.00 in the coming couple of weeks given market conditions remain the same. That move above 8.15 allowed long term traders to take partial exit and trail positions to the 7.80 level. While in the medium term the 8.22 level has gained some significance as the level that is containing the correction. Any further break below that level would cancel any immediate scenarios and place an emphasis on a further decline. In the short term a break in either direction of the range will lead the next medium term direction. Only a confirmed move above 8.46 will set the way for a further rally and allow for entry of long positions.