Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to witness an upward movement as the sideways performance is likely to continue until the benchmark EGX30 index breaks above the resistance of 13,100 points, analysts told Mubasher.
Market analyst Ehab Saied expected the main index to target the resistance level of 13,100 points this week, noting that it may continue the upward movement to the level of 13,400 points.
The small- and medium-sized enterprises index EGX70 is likely to face resistances at 587 and 59 points, Saied added.
Meanwhile, technical analyst Ayman Fouda said that the EGX30 index is forecast to face resistances at 13,150 and 13,260 points, and has supports at 13,000 and 12,970 points, Fouda said.
The EGX70 is likely to face resistances at 592 and 597 points, and has supports at 582 and 577 points, Fouda added.
Shahd Raafat from Mubasher International for Financial Services said that the main gauge managed to close above 13,000 at 13,094, and it is expected to continue in order to test the previous top at 13,410 and 13,540 points.
The EGX30 index rose last Thursday by 1.10% or 142.04 points to the level of 13,094 points.
