Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the volatile trend in Monday’s trading session.
Osama Naguib, head of technical analysis at Arab Finance Securities, said that the benchmark EGX30 index could not confirm the downward trend at support level of 14,800 points yet.
The index may rise temporarily between 15,150 and 15,200 points, Naguib added.
The benchmark is expected to carry on the bearish trend and hover around 14,600 and 14,500 points if it breaks support at 14,800 points, he highlighted.
For his part, head of capital market committee at the African Economic Council Ayman Fouda said the EGX would maintain the sideways trend on Monday.
The EGX30 index is likely to retest support at 14,810 and 14,750 points, Fouda added, noting that the index has resistance at 14,936 and 15,100 points.
He indicated that the small- and mid-cap EGX70 index has a short-term resistance at 720 and 736 points, while it has support at 711 and 705 points.
