We have seen Deyaar has got a habit of surprising the market. Whenever we see its in a “bullish” mode and ready to go higher very same day it will be dumped and closed in RED!!
At times when Deyaar is not expected to make any move it will suddenly close with a solid green candle. Lately its been under pressure and moving side ways most of the time. It was in a bullish chart patter but unfortunately it broke to the down side and now recovering. Deyaar is a “yellow flagged” stock in Dubai Stock Market which means its in a accumulated loss between 20% – 50% of issued capital.
Lets Talk Technical
Early bird notice was given on my YouTube channel if you are following me am sure you didn’t miss this move. Click here if you haven’t seen my video on Deyaar early bird entry.
Deyaar is trying to breakout and move higher but facing tuff resistance as we can see on the chart resistance is strong as whenever it tried to cross it was a failure. A strong resistance is at 0.460 0 – 0.465 last weeks closing is at 0.463 as of 02/04/2022
Since long it was in a descending triangle pattern, most of the traders and investors were expecting a breakout to the upside but unfortunately we was it breaking down on 14/03/2022 which was really disappointing for many of us traders.
Is the breakout Confirmed?
Well I have seen it disappointing earlier so I dont trust this small breakout, volumes are increasing but I would like to see a closing above 0.480 to confirm its resuming its uptrend from here. Over all trend is still to the upside but it was going side ways for all these months. With Emaar Properties leading the real estate sector I thing Deyaar will also follow the suit.
Can We Buy Now?
I had recommended right near the support after looking at the bullish price action to have a small stop loss and a good target of 1:4 RR still there is a good chance of it going higher if we take the first green candle as a break out and the next days red candle that is a DOJI meaning indecisive day and then a green candle with a gap down – retest of the breakout.
If on Monday it opens with a gap up there are very good chances we can see a good big move to the upside if, it opens with a gap down I think it will remain around the same level. Both 20 & 50 day moving average are below the price and acting as a support for Deyaar. A close above 0.480 will attract more buyers and it can retest the swing high of 0.540 or if it again fails this time it can come down to retest 0.420 level.
With market sentiments at all time high I hope Deyaar will not disappoint us this time. We want to see big volumes with big moves to the upside coming week.
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All The Best!!