Cairo – Mubasher: The Egyptian Exchange (EGX) is forecast to test 11,688 points on Monday, said analysts, adding if the main index steadies above the previous mark, it will target the 12,000 zone in the coming session.
MubasherTrade Research said the index closed near the 11,687 area and is still trying to hold above the resistance 11,687.
“Breaking above this level will lead to further rise towards 12,000”, the research agency added.
The index ended the session in positive note to close near by11,630, still trying to break above the resistance 11,687 which is likely to occur, breaking above this level will lead to further rise towards 12,000.
In case the benchmark index falls below the above resistance, it is likely to move sideways and to start a new correction movement inside the channel extending from 3,375 points, the highest level registered on 8 February 2008, and 12,046 points, the highest mark seen on 22 April 2008.
On Sunday, EGX indices advanced collectively on Sunday on buying activity by foreign investors and EGX30 went up 0.72% or 83.26 points to close at 11,631.4 points.
