Emaar Properties (EMAAR) heads towards new highs as volume surges
Volume in Emaar Properties (EMAAR) surges over 300% above 50-day average volume, as the stock gains 90 fils or 8.78%, ending the day at 11.15. This puts Emaar well above the 78.6% Fibonacci level where the ascent had stalled for the past week. Emaar has almost fully recovered from the 29% decline that bottomed at 7.95 in June, and is now well within reach of its April peak of 11.20. A move above that peak can now be anticipated, with a daily close above it confirming a continuation of the uptrend.
Given the progress made today, supported by heavy volume, Emaar will be heading towards 12.05, 12.55, 15.10, and 15.85. Each price has been resistance on a monthly or multi-month basis in the past. Confidence that the first resistance level will be reached is supported by confluence with the 127% extension of the recent correction, which is at 12.08.