Cairo – Mubasher: The Egyptian Exchange is likely to extend its sideways performance on Wednesday, targeting the mark of 8,180 points, according to analysts.
MubasherTrade Research indicated that the main index closed in green yesterday on average volume. This closure confirmed the bourse's reversal pattern, the "inverted Hammer" which signifies a shift from the downtrend to the upturn.
The agency expected further rise towards 8,180 points on Wednesday, advising trader to adopt "fast trading".
Capital market analyst Ayman Fouda said the bourse is seen moving sideways today, while appetite for blue-chip and operational stocks is forecast to grow.
The main index is facing resistance at 8,130-180 points, while having support at the 8,030-7,993 area, the analyst concluded.
The benchmark index EGX30 went up 0.60% or 48.38 points to close at 8,080.81 points.
