Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the bull run on Monday’s trading session on the back of momentum trading, analysts told Mubasher.
The main indices of the EGX are likely to extend gains today if momentum purchasing continued, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 15,495 and 15,575 points, while it has support at 15,360 and 15,160 points, he highlighted.
Moreover, the small- and medium-caps index has a short-term resistance at 864 and 878 points, while it has support at 855 and 844 points, he indicated.
Fouda recommended investors to hold onto their stocks, in line with trading on active stocks and buying on margin.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index has been able to break resistance above 15,365 points yesterday to maintain the upward trend over the next period.
He indicated that the EGX30 index is moving upwardly in the long, medium, and short terms.
The index has resistance at 15,575 and 15,800 points, while it has support at 15,365, 15,300, and 15,000 points, he highlighted.
Meanwhile, the EGX70 index was not capable of surpassing resistance above 860 points, but it is still rising to test 885 and 942 points in the medium and long terms, respectively, Armia commented.
