EMAAR: Confluence Rejection at Midline & SMA Signals DownsideEmaar Properties (P.J.S.C)DFM_DLY:EMAARmelikatrader94Hi everyone! Emaar Properties continues to trade within a multi-month distribution structure, with recent daily price action pointing to further downside momentum. Confluence Rejection: Price attempted a relief rally but was decisively rejected at the confluence of the 100 SMA and the midline of the horizontal consolidation range (11.80–12.00 AED). Failure to Hold: The inability to reclaim the midline reinforces seller control, leaving the lower boundary of the consolidation range (10.80 AED) vulnerable to an immediate breakdown. Trend & Structure: The broader higher-timeframe structure remains bearish following the sharp drop from the 16.50+ AED peak, with the 100 SMA continuing to act as dynamic overhead resistance. Targets: As long as price remains capped under the 11.80 AED level, the path of least resistance points toward a breakdown out of the consolidation range. Primary Downside Target: 9.40 – 9.60 AED (Major support/demand zone) Secondary Target: 8.99 AED (Key historical horizontal support line) Invalidation: A daily close back above 13.10 AED (reclaiming the 100 SMA and range midline) invalidates this bearish setup and opens room for a retest of the range highs near 12.90 AED.