Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the positive performance on Wednesday, analysts told Mubasher.
Ayman Fouda, head of the capital market committee at the African Economic Council, projected that the EGX would continue the upward trend today, while some stocks would see profit-taking.
The benchmark EGX30 index has a short-term resistance at 14,481 and 15,074 points and has support at 14,500 and 14,380 points, Fouda added.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 695 and 705 points, and support at 682 and 677 points, he said.
For his part, head of technical analysis at Arab Finance Securities Osama Naguib said that the EGX30 index broke its target of 14,600 points amid high trading volume.
The EGX30 index is targeting 14,800, 15,800, and 16,000 points in the medium term, Naguib highlighted.
The benchmark index may face sell-offs and enter correction territory despite expectations of hitting 16,000 points, he added.
