EMAAR Technical Overview

EMAAR Technical Overview

Eyeing a breach of 6.00.

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. And after a minor corrective phase, Bearish momentum returned, and the share is likely eyeing a breach of the 6.00 key level, which is expected to serve as the most immediate support level. 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. Only a decisive break above 6.40 can confirm a change in the medium term outlook and attract some interest in the share.