EMAAR Technical Overview

EMAAR Technical Overview

Uptrend resumption.

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. Bullish breakout above 8.46 on the hourly timeframe together with the structure of the rally reflected strength in the short term and also confirmed the resumption of the medium term bias raising confidence for a further move higher, allowing for new longs where traders would aim to target the 8.74 and 9.05 levels, while considering the last bottom at 8.22 as the first line of defense. For short term longs activated at the 8.46 level initial targets had been reached at 8.59 allowing existing traders for a trail of positions to the entry.