EMAAR shortterm bearish

December-January range suggests the fall from 4.26 may end around 3.55

3.17 – 3.27 is a stronger layer of support from which the price gapped up to euphoric levels in mid December.

3.69-70 offers major FIBO support for now.

Moving Averages picture suggests the stock must close above 3.80 this week to keep bullish and try to do the same at the end of the month. Otherwise expect the price to fall further.

A bad scenario may see the stock visit 2.97, a major FIBO of range from early 2009.

2.20-32 is CRITICAL to this stock and the overall market but that’s about 40% away from current levels.

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