Cairo – Mubasher: The Egyptian Exchange is expected to maintain the bull-run in Wednesday’s trading session, said analysts, adding that EGX30 will likely test the level of 7,200 and 7,300 points.
Ibrahim El-Nimr, head of technical analysis at Naeem Holding, said the benchmark yesterday strongly shot above 7,000, nearing the resistance level of 7,115.
The main gauge can keep moving up to the level 7,500 if it successfully crosses the resistance barrier of 7,115, he added.
Likewise, the small and mid-cap index, or EGX70, closed Tuesday’s session near the resistance level of 360 points, and thus will likely target 360 points if it steadily exceeds the current level, El-Nimr said.
Long and medium-term investors are advised to maintain their ownerships in positive stocks that demonstrated collective buying powers, said Ayman Fouda, head of capital market committee at the African Economic Council.
Moreover, he advised short-term investors to carry out more trading on powerfully moving shares between the support and resistance levels.
