EMAAR Technical Overview

EMAAR Technical Overview

Retesting daily top.

Although the long term outlook remains Bullish, the recent weekly top formation right below the key level at 8.00 has weakened the current structure. Therefore, traders of the long term shall monitor for signs of support above the 7.00 level, where only an immediate break above the 7.80 will  allow for renewed long positions. Given the Bears’ inability to continue pushing the prices lower below the 7.30 hurdle, medium term traders shall also monitor for that breakout, which would at the same time, restore the previously dominant Bullish bias.