EMAAR Technical Overview

EMAAR Technical Overview

Short term reversal above 7.00.

Both long and medium term traders remain neutral with the market revealing weak characteristics, where a confirmed break above the weekly top at 7.46 would be needed in order to confirm a shift in the long term outlook. Moving to the short term, bearish pressure below the 6.90 level have signaled a further decline, placing bullish scenarios on hold, although with momentum indicators entering deeply in the oversold territory, raising expectations that a minor pullback might take place soon, subsequently a direct break above the 7.00 will signal for extended bullish moves towards the 7.11 and 7.28.