Cairo – Mubasher: If purchasing power appears on blue-chip stocks ahead of the Easter and Sham El-Nessim holidays, the Egyptian Exchange (EGX) will most likely enjoy the end of the ongoing profit-taking, analysts told Mubasher.
Profit-taking would end if blue chips are supported by selective buying, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 17,670 and 17,730 points, and has support at 17,400 and 17,330 points, Fouda highlighted.
The EGX70 index has a short-term resistance at 878 and 885 points, and has support at 871 and 862 points, he added.
Fouda recommended investors not to sell randomly and to take profits near resistance levels, in addition to rebuying near support levels, in line with monitoring the performance of blue chips.
For his part, head of technical analysis department at Arabeya Online Michael Armia said the EGX30 index is still moving upwardly in the in the short-, medium- and long-term despite the downward trend it saw yesterday.
Additionally, the EGX70 index has resistance at 17,750, 18,000, and 18,500 points, while it has support at 17,300, 17,000, and 16,730 points.
