Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the correction movement on Tuesday, analysts told Mubasher.
The main indices of the EGX are expected to maintain the correction wave during the mid-week trading sessions, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index has a short-term resistance at 15,781 and 15,900 points, and has support at 15,600 and 15,450 points, Fouda highlighted.
The small- and mid-cap EGX70 index has a short-term resistance at 775 and 785 points and support at 755 and 749 points, he added.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index may move in an upward direction in the long-term and it could see a bearish trend in the medium- and short-terms.
Armia recommends investors to start accumulation and selective buying on active stocks after the correction wave ends by breaking resistance and changing the downward trend in the short-term.
The EGX30 index has main support at 15,470, 15,300, and 15,500 points, while it has resistance at 15,800, 15,980, and 16,100 points, he indicated.
