Let’s see from a price perspective what’s been going on with ARTC and EMAAR recently.
ARTC has recorded lower lows and lower highs for the fourth consecutive day, also its third consecutive down day. Although an intraday low of 2.36 was hit, the stock managed to close at 2.43, mentioned two days ago. So now we expect 2.26 to trade before 2.81. and that’s not too far away from where we stand.
Mid-term and long-term buyers may want to wait before buying into Arabtec, and get some confirmation that the immediate downtrend is over.
Also closed today at a level mentioned here yesterday, 3.55. Will it end its fall? Maybe, if the stock price forms a daily swing low tomorrow, i.e. manages to trade above today’s high at 3.70
The stock is in an immediate downtrend and a close this week below 3.55 would suggest the lower levels may be reached, mentioned yesterday.
Unless both stocks close at limit up tomorrow, their short-term outlook is quite bearish after moving convincingly below short-term Moving Averages.