Lets have a quick recap, Emaar was previously struggling to cross 5.00 that was a strong technical & psychological resistance zone. Once this level was broken there was no looking back from here. Emaar rallied 23% in a short time breaking resistance levels in between 5.00 – 6.15  which is phenomenal. 

But let us understand something very important that after this strong push to the upside we should expect a small correction that will be healthy for this stock. Profit booking is very normal after a rally, people entering at current level will be at higher risk as their stop loss will be way to wide and profit booking can start any time. As of now Emaar is in a overbought condition on RSI indicator which is a momentum indicator. 

Looking at the current volumes we can see not many investors are exiting their positions so looks like this is just retailers booking the profits and “Big Boys” are still holding their “guns”. Price is still above moving averages both 20 & 50 are bit far from the current price. Averages are like magnets they like to be with price the more far they get a correction is expected. I am very bullish on Emaar but I would like to see a small correction, I think it will hit 7.00 very soon. 

Important support levels that have to be considered during correction are marked in RED on the chart above. First support zone is at 5.80 and then 5.60 those of you have missed this rally do not worry market will give you a chance at support levels so keep STALKING.

Over all Emaar Share Price is expected to go higher, dividends are coming up!!

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Please do your own research before investing this article is for educational purpose.

All The Best!!