EMAAR Technical OverviewPosted on Sunday, February 25 2018 at 6:02 am GMT+0000
New 52-week Low.
With the last line of defense at 6.36 being violated, the long term outlook had been changed and shifted to Bearish. That move strengthened the medium term downtrend and directed the share towards a new 52 weeks low. Even the though a medium term correction is on the play now, Bearish momentum expected to return. Having achieved first target of the Bearish Daily swing near 6.00, an extended move is expected to continue towards second target, outlined at 5.40. And accordingly, traders are advised to remain on the sidelines and patiently wait for clear signs of a bottom in the market before attempting any new positions.