By: Heba El-Kordy
Cairo – Mubasher: The benchmark EGX30 is likely to maintain its positive performance and test 14,150 points on Thursday, analysts told Mubasher.
The economist and market expert Safaa Fares said that the EGX30 index has resistance at 14,100 points and has an upside potential at 14,400 points.
The index has support at 13,830 points and a downside potential at 13,650 points, Fares highlighted.
The EGX70 index has resistance at 784 points, she added, noting that breaking above this level will push the index up to 796 and 770 points.
The economist continued that the EGX70 index may break support below 763 points.
Moreover, Mohamed Khedr, head of technical analysis at Prime Securities, forecasted the EGX30 index to test resistance at 14,150 points and see support above 13,700 points.
Global Telecom may stop witnessing medium-term sideways moves, which lasted for eight months between the levels of EGP 6 and EGP 7.25, Khedr mentioned.
He pointed out that the stock started to see a new strong bullish trend toward EGP 8.2.
There is no clear strategy to deal with the Egyptian Exchange (EGX) as a whole market due to the mixed performance of the blue chips, he noted.
Kheder recommended short-term investors to trade on each stock separately.
Translated by: Mai Ezz El-Din
