Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the positive performance and touch significant levels near 15,000 points by the end of 2017.
The benchmark EGX30 index is still moving upwardly, despite its performance in Wednesday’s trading session, head of technical analysis department at Arabeya Online Michael Armia said.
The EGX30 index has resistance at 14,800 and 14,927 points, Armia added, pointing out that the index has support at 14,680 and 14,560 points then at 14,435 points.
The index is targeting the level of 15,200 points on the long-term after hitting records high this week, the analyst indicated.
The small-and-med caps EGX70 index is also seeing an upward trend towards 885 points, he highlighted.
Moreover, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX30 index may settle above 14,800 and 14,925 points if it broke resistance above 14,785 points.
The index may test the levels of 14,500 and 14,425 points if it broke main support at 14,625 points, Fouda alluded.
The EGX70 index has resistance at 850 and 880 points, while it has support at 826 and 815 points, he added.
