Cairo – Mubasher: The Egyptian Exchange is likely to keep moving sideways during the upcoming trading session this week, said analysts.
Last week, the benchmark closed 0.31% lower to 7524.9 points.
Ehab Said, head of technical analysis at Osool Securities, anticipated EGX30 to maintain a sideways trend between 7,360 points, which is a comfort zone for profit-taking, and 7,630 points until the rise of strong buying powers that may push the main index above the former resistance level.
Similarly, Mohamed Ismail, technical analyst at Golden Hand securities, said EGX30 is presently moving sideways between the support level of 7,400 and the resistance level of 6,600 following the latest uptrend. He added that the comeback of purchasing powers successfully turned EGX early losses into gains at close last week.
In the upcoming week, EGX30 is likely to keep moving sideways, Ismail said. He also expected the main gauge to retest the former resistance level, clarifying that Cairo bourse will remain on a positive note as long as its main scale swings above 7,400 points, the mark of losses.
