Very trickyWith todays candle emaar have confused us as a technical trader, It have made a new high but at the same time it have closed with red candle. Its always better to wait for a proper setup if we are confused we dont buy the stock. I will wait for another candle if tomorrow we can see a green candle it will help us to decide the trade and we can see it from a bullish perspective too.
Keep stalking this one. Hit like & follow guys ;)
EMAAR
Perfect BounceClearly we can safely say that 2.65 is a good support and its holding. The gap seems to be filling now and 2.71 seems to be a resistance but i think in tomorrows session it can break think and touch 2.75 Once it crosses 2.85 that is a strong resistance emaar will be very bullish again and it will touch 3.00
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Whos Buying it??Support level of 2.65 is holding as of now. Something to notice here is it was struggling to cross 2.65 during the trading hours but in trade at last that is last 5 mins it jumped and closed at 2.67 so who bought this ? Sure we can say that big boys found this price attractive and entered the market pushing the price to the upside. If we can see a close above 2.70 tomorrow we can confirm the shift in the momentum and it will be good chance to enter the trade. Why market changes is last 5 mins?? "MARKET IS OPENED BY AMATEURS AND CLOSED BY PROFESSIONALS "
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Will it Hold?Its been breaking all the support levels as of now its again at a support area of 2.65 in thursdays session buyers were trying to hold this level and eventually it closed at the same level. Lets see if it can hold!! as of no no trades no rush to enter the market. Lets see if this level is holding. Bearish !!
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Support BrokenEmaar have broken its support level and now its on a free fall. If it does not hold 2.70 level next support is it 2.62 and thn 2.55 respectively. Bearish as of now no trade on this one. Just keep stalking and see when it crosses the resistance level of 2.85 and make a price action. Bearish !!
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Playing out as per the planIt have take a bounce right from the support level but as of now in a down trend good for intraday trading entry at 2.80 and exit at 2.86. If we see on weekly chart still maintaining its uptrend but in daily chart its not looking very impressive. I will not take this trade as of now.
Emaar It could not recover properly from the panic selling that we witnessed last week. Also it broke the important support level and now its pushing to the downside. First support at 2.80 area second at 2.70 which is a strong support area. If a stock breaks down after a consolidation phase that is not a good sign and it means weakness. No trades on this stock till it gets bullish again.
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Its not looking goodIt broke the resistance in thursdays session and today it have further dropped if it does not bounce from here next stop is at 2.70 and short term trend will change to down side. Emaar have to cross the solid near term resistance of 2.95 to show some strength. It have broken the range to the down side, trend is still to the upside but getting weaker now bulls need to active and show some power in tomorrows session.
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2 ScenariosEmaar have broken the support level and also it could not recover after the panic selling. First we can say it can retest the resistance and get rejected to fall further down. Secondly it has to show some bull power and come back again the range or consolidation. So lets wait for it to make some price action and we trade accordingly.
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Emaar DevelopmentsIt broke out of the bullish cup & handle pattern and made a nice high. Thursdays session it could not manage the highs and the candle that we can see is bearish that is inverted hammer type of candle indicating selling pressure. No the trend is not bearish only the candle as of now. I think if it wants to retrace it can come down to 2.35 level and take a bounce to the upside. Over all bullish
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Emaar BreakoutIt have finally made a breakout of the triangle pattern it opened with a gap up indicating buyers are ready to enter at the higher prices but at the end of the trading session it just closed at 2.99 still its good. We have seen 2.95 is a strong level earlier it was a resistance and now it should act as a support so good buying level at 2.95. Bullish
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EmaarIts in a tricky situation after making a push the the upside, as of now its at the crucial support level and we should soon see a decision candle to know if it is moving to the upside or down side. As of now dont enter the trade just stalk it till it gives a confirmation. Over all bullish but now in a funny situation
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