Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to test resistance at 16,500 on Tuesday amid investors’ anticipation for the decision of the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) on interest rates, analysts told Mubasher.
Ibrahim El Nemr, head of technical analysis at Naeem Brokerage, said that the benchmark EGX30 index could break 16,450 points as it closed Monday’s trading session above 16,400 and 16,450 points, which will push it toward 16,700 and 17,000 points.
The index may shed to 16,250 points if it fell below the aforementioned levels, El Nemr added.
He recommended investors to begin creating new purchasing positions at a stop-loss limit of 15,785 points.
Moreover, he said that the small- and mid-cap EGX70 index may surpass 820 points to hit the following resistance level or it may fall below this level to retest support at 795 points.
