Cairo – Mubasher: The Egyptian Exchange is likely to swing into the 7,080 – 6,750 area on the short term and to see as well an upward correction if holding above 6,831 points, said analysts.
Thanks to a sideways movement with a slight upward trend, the main index EGX30 ended Monday 0.76% higher, said Hesham Hassan, head of technical analysis at Acumen for Securities.
On the short term, the index is moving between the resistance mark of 7,080 points and the support level of 6,750 points with a negative outlook, Hassan added.
In case that the main gauge succeeds in staying above the lowest mark registered at 6,831 points, it will probably witness an upward correction near the resistance area ranging from 7,100 points to 7,275 points; otherwise, it will likely recoil to the mark of 6,600 points, said Sameh Gharib, head of technical research at Roots Securities.
Yesterday, the main index EGX30 edged up 0.8%, or 52.2 points, to the mark of 6,903.81 points, relatively recovering from the shock of Brexit that led the benchmark index to the steepest decline since mid-January 2015 after shedding 5.54%, or 401.70 points, to the mark of 6,851.61 points on Sunday.
