Cairo – Mubasher: Analysts have made varying expectations for the performance of the Egyptian Exchange on Tuesday, noting that the benchmark index EGX30 is expected to adopt sideways trend between the levels of 6,075 and 6,260 points.
“The market is likely to continue seeing fluctuating sideways trend , where it may face a kind of profit taking until the availability of liquidity that pushes the indices towards retesting their primary resistance levels,” said Ayman Fouda, head of capital market committee at the African Economic Council.
The benchmark is anticipated to face resistance at the levels of 6,200 and 6,260 points, while it may gain support at the levels of 6,132 and 6,075 points, noted the analyst.
“The main gauge inched lower on Monday, as it closed at 6,146 points, but it is expected to move higher towards the previous peak at the level of 6,260 points,” said Mona Hassan Chief technical analyst at MubasherTrade.
The benchmark edged lower by 0.15% or 9.08 points to close at 6,146.93 points on Monday.
