EMAAR Technical Overview

EMAAR Technical Overview

Probable short term reversal.

Although the weekly charts continue to reveal a Bullish trend, the current correction extended lower and has recently broken through 7.68. Hence long term traders continue to remain neutral while waiting for that correction to end near a strong demand zone above 7.00 before confirming the possibility of an extended rally above previous highs. While both the medium and short term charts continue to reveal strong Bearish structures despite the recent pullback. But short term picture might be on the edge of significant change if 7.85 is surpassed. Such move will encourage short term traders to start accumulating long positions where they will aim to target 8.06 and 8.38. However, any further drop below 7.54 will add more weakness and increase odds for a fall through 7.41.