EMAAR Technical Overview

EMAAR Technical Overview

Testing 7.25.

Long term traders remain neutral with the market revealing weak characteristics. Prices fell after finding resistance at 7.44, the last decline can still be treated as correction of the prevailing up bias, which will provide medium term traders with renewed long entries, they will be monitoring for stronger support confirmation before any market entry can materialize, such confirmation will be brought about by any break above the 7.25 intraday resistance. The recent break above the 7.18 allowed short term traders with active long positions for a partial profit taking at that level and trailing their positions to the 7.11 point, waiting for their final target to be achieved.