EMAAR Technical Overview

EMAAR Technical Overview

Uptrend resumption.

A change in the long term outlook with the break above the upper boundaries of the range that was capping the share since October 2016, 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 entry level. With the medium term remaining strongly Bullish, new entry signals was provided with the move beyond 8.46 that favored the resumption of the medium term uptrend allowing for new longs where traders would aim to target the 8.74 and 9.05 levels. Those traders should be enjoying their profits and hold on to their positions as long as the share remains above 8.22. Short term traders long from 8.53 would target approximately same medium term levels, while setting their Stop orders below the 6.35 level.