Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to remain profitmaking-prone during the mid-week trading session, said analysts.
Market analyst Ayman Fouda forecasted the first half of the session to see a corrective wave of profit-taking, while the bourse will likely bounce back to the green territory in the second half.
The benchmark index is likely to face resistance at the 10,850 – 11,100 area, while having support at the 10,500-200 zone, Fouda added.
MubasherTrade Research noted that the mark's index ticked the 11,000 area for the first time since the financial crisis crash in 2008.
"A Strong wave is currently taking place driven mainly by a bunch of good news and reforms which will certainly influence the medium and longer terms positively as well. The best tactic will be, hold until the trend weakens because expecting the top will be probably difficult as the index managed to break above key resistance levels," said the research firm.
The research agency believes that corrections are a normally expected process as long as all indicators are "overheated", advising traders "to enter in better price levels".
