EMAAR Technical OverviewPosted on Thursday, December 8 2016 at 5:30 am GMT+0000
Bullish bias resumption.
Long 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. The recent break above the key level at 7.00 was the move that completed a double bottom formation, raising confidence for an extended move targeting the 7.40. The last short term pullback acted as a provider for renewed buying opportunities, as the recent break above the 7.20 confirmed the resumption of the short term Bullish bias. With the last intraday bottom at 6.95 acting as the first defense for the near-term uptrend.