EMAAR Technical Overview

EMAAR Technical Overview

Initial targets reached.

A change in the long term outlook with the break above the upper boundaries of the range that was capping the share since October 2016, paved the way for further gains in the direction of 8.15 which was reached and 9.00 in the coming couple of weeks given market conditions remain the same. With the medium term remaining strongly Bullish, new entry signals were provided with the move beyond 8.46 that favored the resumption of the medium term uptrend allowing for new longs where traders would aim to target the 8.74 and 9.00 levels. Furthermore, a Bullish breakout of the intraday resistance of 8.53 has activated new short term positions. Now with the market reaching initial targets at 8.74, both medium and short term traders can trail stops to 8.53 protecting against any probable shift in momentum.