Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to continue seeing a wave of profit-taking on Monday until blue chips see fresh purchasing power.
The EGX has ended Sunday’s trading session in red territory as the benchmark EGX30 index closed below 15,400 points near main support at 15,330 points, pressured by profit-taking by local and Arab institutional investors, head of capital market committee at the African Economic Council Ayman Fouda told Mubasher.
The EGX30 index has a short-term resistance at 15,414 and 15,470 points, while it has support at 15,260 and 15,150 points, Fouda highlighted.
The small- and medium-caps EGX70 index has a short-term resistance at 850 and 858 points, and has an upside potential at 885 points, he pointed out, adding that the index has support at 840 and 832 points.
Fouda recommended investors to monitor stocks and partially allocate profits near significant resistance levels, in line with holding onto liquidity to rebuild purchasing centres on stocks with positive news near support levels.
Furthermore, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index is still moving upwardly as it has resistance at 15,400, 15,615, and 15,850 points and has support at 15,360, 15,100, and 15,000 points.
The EGX70 index is also rising and hovering around the levels of 885 and 942 points, Armia continued.
